Why Did Tesla Sell Some Bitcoin?

TheStreet2021-04-29

Tesla's intention when selling Bitcoin seems to have been a way to test the cryptocurrency's liquidity. Bitcoin passed. Tesla's earnings call on Monday revealed that the company had sold off 10% of ...

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精彩评论

Johnlimwt
2021-04-30
Johnlimwt
I don’t know but Bitcoin is gaining Popularity. I think Bitcoin is here to stay
- Johnlimwt:
  Please lIke my post, thank you very much
- 100EMAS:
  Cool
RYong
2021-04-29
RYong
Intelligent play by Tech King. [得意]
jimann22
2021-04-29
jimann22
Generate quick profits
Leeleegan829
2021-04-29
Leeleegan829
👍🏻
Hayz
2021-04-29
Hayz
Musk knows that cars can only make it peanuts...using his "influence" to find other sources of income for the company so that he can reap his options (few days ago, millions of TSLA share at $70!)
- beankim:
  he is a smart man
NanaK
2021-04-29
NanaK
Please reply and like my comments, thanks [微笑]

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Bitcoin passed.\nTesla's earnings call on Monday revealed that the company had sold off 10% of ...</p>\n\n<a href=\"https://www.thestreet.com/crypto/bitcoin/why-did-tesla-sell-some-of-its-bitcoin\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GBTC","symbol_name":"Grayscale Bitcoin Trust","start_time":0,"source_url":"https://www.thestreet.com/crypto/bitcoin/why-did-tesla-sell-some-of-its-bitcoin","article_id":"1117714229","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1117714229","pubTimestamp":1619657342,"sourceInfo":null,"weMediaInfo":null,"summary":"Tesla's intention when selling Bitcoin seems to have been a way to test the cryptocurrency's liquidi","collect":0,"end_time":0,"defaultTopTitle":"thestreet.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust","TSLA":"特斯拉"},"translate_title":"特斯拉为什么要抛售一些比特币？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BTCmain":0.9,"XBTmain":0.9,"GBTC":0.9,"TSLA":0.9},"content_text":"Tesla's intention when selling Bitcoin seems to have been a way to test the cryptocurrency's liquidity. Bitcoin passed.\nTesla's earnings call on Monday revealed that the company had sold off 10% of its Bitcoin holdings for $272 million in proceeds and $101 million in profit. This led to confusion and even a sense of betrayal among some, especially crypto-Twitter. But why did Tesla actually sell any Bitcoin?\nTesla's interest in Bitcoin in the first place seems to have been found while looking for an asset that can generate returns while remaining liquid.\n\"We updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity,\" said the company in the SEC filing that revealed Tesla had purchased Bitcoin.\nSo why did Tesla sell?\nSome names on crypto social media felt betrayed by the company and the recently self-proclaimed'Techno King,' Elon Musk.\nDave Portnoy, the founder of Barstool Sports who frequently has live streams of himself trading,said that Tesla and Musk played some sort of pump and dump on the market.\n\"So am I understanding this correctly?@elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and makes a fortune. Listen I own 1 #Bitcoin but #bitcoin is exactly who we thought it was. Just don’t be last 1 #HODLing the bag.\"\nMusk quickly put the situation into perspective for Portnoy when he responded,saying, \"No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on the balance sheet.\"\nAs the company's original SEC filing suggests, and as Musk backs up in his response to Portnoy, it seems the company sold some Bitcoin to test its theory that Bitcoin is an investable asset that can generate returns but also remain liquid.\nAnother big name in the crypto-Twitter space is Documenting Bitcoin. Documenting Bitcoin said, \"Tesla stress tested bitcoin. Did it pass, @elonmusk?\"\nMusk simply replied, \"Yes.\"\nThe company's Q1 2021 earnings report said its sale of Bitcoin had a positive impact on the company's gross margin.\n\"Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in \"Restructuring & Other\" line) were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items.\"\nSo, Tesla's intentions behind its sale of Bitcoin seem to have been as a method to prove its use-case as a liquid and value-generating asset. The company still holds just shy of $2.5 billion worth of the cryptocurrency today.\nAs Musk mentioned in late March on his Twitter, Telsa still accepts Bitcoin for its cars, and Bitcoin used will be kept as Bitcoin and not converted to dollars.\n\"Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.\"\nWhile Tesla did sell some Bitcoin, its commitment to the crypto seems clear and ongoing.\n“We do believe long-term in the value of Bitcoin. It is our intent to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles,\" said Tesla's CFO Zachary Kirkhorn during Tesla's earnings call.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":103020916,"gmtCreate":1619739786135,"gmtModify":1634210346658,"author":{"id":"3578545886341911","authorId":"3578545886341911","name":"Johnlimwt","avatar":"https://static.tigerbbs.com/a1adeee2347b67dfd778339494a5fd26","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578545886341911","authorIdStr":"3578545886341911"},"htmlText":"I don’t know but Bitcoin is gaining&nbsp;Popularity. I think Bitcoin is here to&nbsp;stay","listText":"I don’t know but Bitcoin is gaining&nbsp;Popularity. I think Bitcoin is here to&nbsp;stay","text":"I don’t know but Bitcoin is gaining Popularity. I think Bitcoin is here to stay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/103020916","repostId":1117714229,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4177680,"gmtCreate":1619744999675,"gmtModify":1635507541356,"authorId":3578545886341911,"author":{"id":3578545886341911,"idStr":"3578545886341911","authorId":3578545886341911,"name":"Johnlimwt","avatar":"https://static.tigerbbs.com/a1adeee2347b67dfd778339494a5fd26","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":103020916,"type":1,"supId":0,"prevId":0,"content":"Please lIke my post, thank you very much","text":"Please lIke my post, thank you very much","html":"Please lIke my post, thank you very much"},{"id":4181681,"gmtCreate":1619777083653,"gmtModify":1635507193879,"authorId":3570479349727470,"author":{"id":3570479349727470,"idStr":"3570479349727470","authorId":3570479349727470,"name":"100EMAS","avatar":"https://static.tigerbbs.com/1a7c31b79e7bff28841c5f18dca737f4","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":103020916,"type":1,"supId":4177680,"prevId":0,"content":"Cool","text":"Cool","html":"Cool"}],"langContent":"EN"},{"id":109542323,"gmtCreate":1619706913262,"gmtModify":1634210542908,"author":{"id":"3581681008250852","authorId":"3581681008250852","name":"RYong","avatar":"https://static.tigerbbs.com/1578f159b299beaa194afc3dbdc0c690","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581681008250852","authorIdStr":"3581681008250852"},"htmlText":"Intelligent play by Tech King.&nbsp;[得意]&nbsp;","listText":"Intelligent play by Tech King.&nbsp;[得意]&nbsp;","text":"Intelligent play by Tech King. [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109542323","repostId":1117714229,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":109341526,"gmtCreate":1619668002065,"gmtModify":1634210858965,"author":{"id":"3566520187799658","authorId":"3566520187799658","name":"jimann22","avatar":"https://static.tigerbbs.com/56be210ea8b5eaefec8a4f636e3d30ec","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3566520187799658","authorIdStr":"3566520187799658"},"htmlText":"Generate quick profits","listText":"Generate quick profits","text":"Generate quick profits","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109341526","repostId":1117714229,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":109357848,"gmtCreate":1619667605384,"gmtModify":1631891439835,"author":{"id":"3582082065771283","authorId":"3582082065771283","name":"Leeleegan829","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582082065771283","authorIdStr":"3582082065771283"},"htmlText":"👍🏻","listText":"👍🏻","text":"👍🏻","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109357848","repostId":1117714229,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":109302607,"gmtCreate":1619662212009,"gmtModify":1634210910072,"author":{"id":"3576709204489965","authorId":"3576709204489965","name":"Hayz","avatar":"https://static.tigerbbs.com/d87598e3b13004920f673918b320782e","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3576709204489965","authorIdStr":"3576709204489965"},"htmlText":"Musk knows that cars can only make it peanuts...using his \"influence\" to find other sources of income for the company so that he can reap his options (few days ago, millions&nbsp;of TSLA share at $70!)","listText":"Musk knows that cars can only make it peanuts...using his \"influence\" to find other sources of income for the company so that he can reap his options (few days ago, millions&nbsp;of TSLA share at $70!)","text":"Musk knows that cars can only make it peanuts...using his \"influence\" to find other sources of income for the company so that he can reap his options (few days ago, millions of TSLA share at $70!)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/109302607","repostId":1117714229,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4173265,"gmtCreate":1619707682730,"gmtModify":1635507941574,"authorId":3568042901804000,"author":{"id":3568042901804000,"idStr":"3568042901804000","authorId":3568042901804000,"name":"beankim","avatar":"https://static.tigerbbs.com/7e86bf0ae7dd84473464d6af842304eb","vip":1,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":109302607,"type":1,"supId":0,"prevId":0,"content":"he is a smart man","text":"he is a smart man","html":"he is a smart man"}],"langContent":"EN"},{"id":109921238,"gmtCreate":1619660027924,"gmtModify":1634210938227,"author":{"id":"3581817892984972","authorId":"3581817892984972","name":"NanaK","avatar":"https://static.tigerbbs.com/931ccd7616551a24c96b3410bc994a9d","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581817892984972","authorIdStr":"3581817892984972"},"htmlText":"Please reply and&nbsp;like my comments, thanks&nbsp;[微笑]&nbsp;","listText":"Please reply and&nbsp;like my comments, thanks&nbsp;[微笑]&nbsp;","text":"Please reply and like my comments, thanks [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/109921238","repostId":1117714229,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":42,"commentSize":15,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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