As we all remember, Elon Musk and Tesla shocked the world when back in February, they purchased approximately $1.5 billion worth of bitcoin, the world’s most popular digital currency by market cap. The company was one of the first institutions to add the digital currency to its balance sheet. Today, that $1.5 billion is worth […]
As we all remember, Elon Musk and Tesla shocked the world when back in February, they purchased approximately $1.5 billion worth of bitcoin, the world’s most popular digital currency by market cap. The company was one of the first institutions to add the digital currency to its balance sheet. Today, that $1.5 billion is worth approximately $2.5 billion, meaning Musk and Tesla have grown by about $1 billion in just eight months.
Elon Musk Made the Right Choice to Hold Onto His BTC
The journey has been interesting to say the least, considering Musk said that he would never part with his bitcoin. In addition, he stated that all bitcoin collected by Tesla would not be traded in for fiat. The company would hold onto the digital money in the hopes that it could HODL what it owned and experience massive gains.
At press time, only ten percent of said bitcoin has been sold, and this was to see whether bitcoin was a liquid as cash. For the most part, Musk has held true to his promise not to part with any BTC, and now it looks like that promise is paying off. Bitcoin has brought Musk a huge wealth increase, though as we all know by now, there have been some serious burdens to overcome throughout the process.
One of those burdens came in the form of Tesla-bitcoin payments and the alleged emissions of bitcoin mining projects. Musk had announced that people who wanted to buy an electric car through his company could do so with bitcoin, though this decision was later rescinded after he claimed that too many emissions were harming the planet, and that these emissions were largely caused by BTC mining.
He stated that he could not push the bitcoin agenda any further by allowing crypto payments for his products unless miners agreed to lessen emissions by utilizing green energy sources.
This caused a huge raucous throughout the world of cryptocurrency, and many fans were not happy about Musk’s ideas. Things took an even uglier turn when the price of bitcoin fell into the $30,000 range after it had reached a new high of about $64,000 per unit in mid-April. Everyone felt that Elon Musk may have had something to do with that, and they weren’t afraid to let him know it.
A Few Stumbles Along the Way
Musk, himself, wound up suffering financially when the price of bitcoin fell. It was estimated in a report at that time that Musk’s $1.5 billion bitcoin investment from February wound up dropping by approximately $1 billion due to the price fall.
However, it appears the South African entrepreneur has seen his investment grow and then some in recent days. His wealth has jumped as bitcoin has jumped given the growing attitude of excitement surrounding crypto-based exchange-traded funds (ETFs) and several other news factors.
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