Elon Musk is one of the few billionaires in the world who believes in and propagates the concept of digital currency. Until recently, the market was flooded with news that Elon Musk and Tesla were a part of the “pump & dump” sale of Bitcoin. These speculations were made after Tesla generated $101 million in the first quarter of the year. It was reported that Elon Musk might have sold his personal shares of Bitcoin too as the cryptocurrency was riding on an all-time high for the past few days.
Tweet People were speculating as Dave Portnoy, an American celebrity and blogger directly accused Musk of manipulating the price of Bitcoin by showing confidence in it. He claimed that this was done because the main aim of Elon was to pump the price of Bitcoin to a peak and dump it to generate wealth. He warned Crypto investors against the scheme and warned them not to be the last person holding up and not selling.
So am I understanding this correctly? @elonmusk buys #bitcoin. Then he pumps it. It goes up. Then he dumps it and make 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.
— Dave Portnoy (@stoolpresidente) April 26, 2021
Elon Musk who is usually active on social media drew a sword and answered clearly to Portnoy’s accusation that he was absolutely wrong and he has not sold any of his personal Bitcoin. The only sale that was made was by Tesla when it sold 10% of its holdings “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet”.
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 balance sheet.
— Elon Musk (@elonmusk) April 26, 2021
The tweet made it very clear that Musk believes in the power and performance of digital currency and that he hasn’t sold any of his shares of Bitcoin even when speculations arise that the cryptocurrency might be in a bubble and could be heading towards turbulent waters.