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Elon Musk Gives His Opinion on Bitcoin

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Musk would buy more bitcoin in the coming years

Elon Musk, CEO of Tesla, stated that his firm’s choice to sell the majority of its Bitcoin assets shouldn’t be interpreted as a judgment on the leading virtual currency. According to reports, the top manufacturer of electric vehicles sold a staggering $936 million worth of Bitcoin during the second quarter. Tesla had to sell its interests, according to Musk, since the firm was worried about its total cash flow as a result of downtimes in China.

The billionaire added that the business was willing to up its current Bitcoin assets in the coming years. The CEO of Tesla also confirmed that none of the company’s Bitcoin assets had been sold. During the results call, Musk again criticized Bitcoin, saying it does not contribute to a world that is ecologically friendly. Cryptocurrency is a  sideshow to a carnival. They don’t give it any thought the millionaire stated. Tesla stopped taking Bitcoin in May of last year out of concern for the environment, which significantly corrected the marketplace.

Elon Musk cleared the air about Bitcoin, Credit: CNN
Elon Musk cleared the air about Bitcoin, Credit: CNN

The current momentum of Bitcoin

Following Tesla’s U-turn, the biggest virtual currency in the world fell to $22,650. As of publication, the virtual currency has lost momentum and is still trading well below the $23,000 mark. The price of bitcoin has dropped by over 48% since its record high. The Federal Reserve’s efforts to control hyperinflation are mostly to blame for the collapse of cryptocurrencies. Later this month, the banking system is anticipated to issue another rate increase. Musk stated on the results call that he anticipated lower inflation by the year’s end.

Ujan Chakraborty
Ujan Chakraborty
Nothing but Blue Skies.

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