Despite the about-face, Musk insists the move should not be taken as a verdict on Bitcoin.
Last week, Tesla raised eyebrows again by selling approximately 75 percent of its Bitcoin holdings, converting them into $936 million worth of good old-fashioned fiat currency. The move called out concerns over uncertainty surrounding the Covid-19 shutdowns in China. But during a quarterly earnings call, Musk insisted that “We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin.
from some of his most loyal fans. As for Tesla and how it relates to the auto industry at large, Musk has—and will likely continue to—defy the tried and true. For the naysayers, consider that at any other moment in history, the richest men in the world had accumulated their wealth through equally ambitious but more orthodox means.
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