Elon Musk Said Tesla Sell Bitcoins To Prove Liquidity Cash Alternative

Elon Musk Said Tesla Sell Bitcoins To Prove Liquidity Cash Alternative

Bloomberg – Tesla’s Elon Musk says the company sold 10% of liquidity prove ownership mark of Bitcoin but added that he kept his personal investment in cryptocurrency.

Tesla’s performance report shows the company – to buy more than $1 billion token beginning of this year – the revenue generated from the sale of $1.01 million. Musk on Twitter, Tesla said, basically, to try to “prove the liquidity of Bitcoin, instead of cash on the balance sheet.”

The world cryptocurrency rose 2.3 percent to $54,503 to 10:18 on Tuesday in London. It was in mid-April fell from a peak of nearly $64,870, but still as high as seven times in the past year.

Global agenda for the electric car manufacturer cryptocurrencies the company’s financial investment in Bitcoin. While many people continue to be marked as too risky compared to cash, Tesla’s Chief Financial Officer said Zachary Kirkhorn in the earnings conference call, the company believes that the long-term value of Bitcoin.

For some strategies, Bitcoin and other tokens are purely speculative investments rather than a legitimate alternative to cash. For example, BCA Research believes Bitcoin is a failure or because the unit value volatility stores their accounts, even if the basic functions of money.

However, musk has cryptocurrencies for some time, announced late last month, Tesla will begin to receive payments in Bitcoin high-profile supporters of the vehicle.

After the results were announced on Monday, despite a record profit in the first quarter, Tesla fell 3.1 percent in after-hours trading.