JAKARTA – Tesla was recently reported to have sold 75% ownership of Bitcoin which is equivalent to Rp. 14 trillion. That way, Tesla added more than 936 million US dollars to the balance sheet.
For information, the electric car company owned by Elon Musk has bought Bitcoin in February 2021 for 1.5 billion US dollars or equivalent to Rp. 21 trillion.
Tesla boss Elon Musk mentions the reason the company sells BTC. He assessed the importance of maximizing their cash position as a result of the closure of Tesla's Shanghai factory in April.
On the other hand, Tesla's selling action was commented on by TRON (TRX) founder Justin Sun. According to him, that could be great news for Bitcoin holders. Sun further explained a number of points that made Tesla's BTC sales a positive thing as follows:
The market no longer has to worry about Tesla selling BTC which has haunted us for a long time. Tesla selling BTC worth almost 1 BIL USD demonstrates Bitcoin liquidity to all major corps. Tesla completing Bitcoin transactions shows a good priority for all companies holding BTC. We believe more big corps will buy in the future.The three points above were conveyed by Justin Sun in his official Twitter post. Kudos to @elonmusk!” he added.
Due to the massive sale of Bitcoin, the price of BTC immediately experienced a correction. On Wednesday, BTC managed to break through 24,000 US dollars (equivalent to Rp. 360 million) per coin. However, after the recent sale, the price of BTC corrected below US$23,000 (approximately Rp346 million) per coin.
Based on data from Coingecko on July 21, 2022, the price of Bitcoin has decreased by 2.0% in the last 24 hours. As of writing, BTC is trading at Rp344,615,806.
Nonetheless, Elon Musk insists that the BTC sell-off should not be seen as a "decision" of the company. He emphasized that Tesla would again “increase Bitcoin holdings in the future.” On the other hand, Tesla has yet to sell its Dogecoin holdings.
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