Tesla's upcoming earnings call (Tesla shares - TSLA ticket) Q2-2021, to be announced this Monday after market hours, will finally shed some light on what happened with the company's bitcoin holdings. The company held over $ 1,5 billion in bitcoin in the first quarter and reported only one sale to "test market liquidity" according to its CEO, Elon Musk. The cryptocurrency community has been waiting patiently to see the revelations arising from Tesla's upcoming earnings report.
Tesla's earnings call raises expectations in the Bitcoin community
The upcoming earnings call from Tesla, the leading electric car maker, has raised expectations in the Bitcoin community due to the large stock of bitcoin (BTC) the company holds on its balance sheet. Tesla CEO Elon Musk jumped on the bitcoin bandwagon last quarter when he announced the $ 1,5 billion purchase of Tesla earlier this year. The current status of this bitcoin stock is unknown and will be revealed on Monday if the company sold, held tight or bought the drop during the second quarter.
There is only one publicly recorded sale of Tesla's bitcoin holdings. The company reportedly sold $ 272 million in bitcoin last quarter to test market liquidity. At the time, the news created a temporary collapse in prices. However, Musk was quick to state that this was just a test to ensure the market could handle this type of sales.
Hence, Musk changed his mind about the Bitcoin network and its effects on the environment, something that created a schism between the entrepreneur and the crypto community.
Tesla promoted a green narrative
Tesla stopped supporting bitcoin for payments for electric cars due to environmental concerns declared last May, a fact that kicked off the company's recommendations for a more effective and greener cryptocurrency for payments. At that time, Musk also signaled his personal preference for dogecoin (DOGE) and announced the changes the Dogecoin network would have to complete to fulfill this role. Dogecoin developers have prepared the network so that it can offer cheaper transaction fees.
At the B Word event, a cryptocurrency conference held this week, Musk said he would like bitcoin to succeed, even after his harsh criticism of the currency. Musk hinted that Tesla's properties were still intact when he stated "I could pump but not drain." But, due to the mixed signals offered by Musk, the only reliable data on the subject will be released next Monday. What do you think of Tesla's position in Bitcoin and its holdings? Let us know in the comments section below.
