Tesla sheds 75% Bitcoin reserve; will hold on to Dogecoin, says Elon Musk  

In its latest earnings report, Tesla, the electric car manufacturer, revealed that it has not sold any of its Dogecoin reserves but has sold around three-fourths of its Bitcoin investment to add cash to its balance sheet. 

Tesla disclosed, “As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency.” They further added, “Conversions in Q2 added $936 million in cash to our balance sheet.” 

Market experts have in recent times stressed the importance of preserving one’s wealth in fiat currency or cash as more favourable in the current economic downtime. 

Tesla’s Chief Executive Officer (CEO) Elon Musk, clarified that the company has not sold any of itsall-time Dogecoin reserves. He said, “We have not sold any of our Dogecoin; we still have it.” 

He stressed during the latest earnings call that his company sold majority of its Bitcoin reserve to maximize the cash held by the company. 

The car manufacturer revealed in February 2021 that they invested $1.5 billion in Bitcoin. Moreover, Musk tweeted in March 2021 that potential customers could buy Tesla cars by paying in Bitcoin. 
 

The cryptocurrency has taken a deep dive since then. Bitcoin was trading at around $47,000 - $48,000 in February 2021 and zoomed to over $55,000 levels in March 2021. It reached an all-time high in November 2021 after hitting $69,000 levels.  

The cryptocurrency has taken a deep dive since then. Bitcoin fell to $18,000 levels in July 2022.  

It is currently trading at $22,927, down 2.52 per cent data from CoinMarketCap revealed. 

Elon Musk has been a fervent advocate of cryptocurrencies like Bitcoin, Ethereum, and especially the memecoin Doge. He is often called ‘Dogefather’ because of his amicability towards Dogecoin. 

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