Elon Musk is known to share his thoughts and use his influence to manipulate the crypto market to his advantage from time to time. Musk prefers to connect with crypto enthusiasts via Twitter to share his beliefs and what he thinks of a specific cryptocurrency. Back in the day, Tesla bought almost 1.5 billion worth of Bitcoin, which pumped the cryptocurrency’s price to almost $60K+ with much more climb recorded in the upcoming weeks.
But then China issued a wild crackdown against Bitcoin miners and their trading within the region due to regulatory issues and the bad impact crypto mining has on the environment. Elon Musk treaded with the same thought that the conventional use of natural resources such as coal used for Bitcoin mining produces carbon-intensive exhaust that is killing our environment and making it difficult to bounce back from the gruesome effects of the whole trade.
SpaceX has also Added Bitcoin to its Balance Sheet
Now once again, Musk is all over Twitter, confirming that Tesla has close to $1.47 billion worth of Bitcoin presently. Out of the original volume of $1.50 billion worth of Bitcoin, some of it was liquidated to confirm that it will have no effect on the cumulative market capitalization of bitcoin whatsoever. This gigantic purchase by the S&P 500 company Tesla did help to boost the price of flagship cryptocurrency by a rough estimation of 57% in just a single month.
The company did swipe more Bitcoin in March and ended up scoring a gross profit of about $101 million in the month of April, not too bad for simply holding the cryptocurrency. This tends to the first quarter of the earnings made by Tesla, while in the second quarter, there were some losses which were recorded by Tesla due to Bitcoin impairment.
After the “B-Word” conference, Musk has also unveiled that SpaceX has also bought some Bitcoin, but in what volume or interpretation it is not known yet. The very reason is that SpaceX is a private company and doesn’t have any of its financial records listed publicly. Other than this, Musk has a personal portfolio of owning a lot of cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin.