Why Did Tesla Dump Its Bitcoin?
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In this video, I discuss possible reasons why Tesla sold 75% of its Bitcoin holdings.
It was probably a combination of pressure from the ESG lobby combined with cash management to make its balance sheet comps look better, and to stockpile cash due to the uncertainty surrounding China lockdowns and their effects on Tesla’s Shanghai plant.
It would be great if Elon stopped talking about Bitcoin. He not only has a subpar understanding of Bitcoin (including how it uses energy), but he also has a history of pumping garbage like DOGE.
Tesla’s actions are a good reminder to also pay attention to our own financial liquidity, so that we will not be forced by external circumstances to dump our Bitcoin during a bear market in order to raise fiat like Tesla did.
Not investment advice! Consult a financial advisor.
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Q2 2022 Tesla update:
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Elon’s explanation for why Tesla sold some Bitcoin:
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.