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BREAKING: Tesla Sells Most of Its Bitcoin Holdings

20 Jul, 20221 min readBitcoin
BREAKING: Tesla Sells Most of Its Bitcoin Holdings

Leading e-car manufacturer Tesla has converted 75% of its Bitcoin holdings into fiat, the company announced during its Wednesday earnings calls. The company now holds only roughly $218 million worth of crypto, according to its Q2 report.

The popular e-car maker purchased $1.5 billion worth of Bitcoin in February 2021, pushing the price of the top cryptocurrency to new highs. It then sold a small portion of its holdings to test its liquidity.

In May, the company stopped accepting Bitcoin as a payment method due to environmental concerns.

Bitcoin is trading slightly above the $23,000 level following the announcement.

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