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Elon Musk clarifies that 'Tesla has not sold any Bitcoin.'

Elon Musk clarifies that 'Tesla has not sold any Bitcoin.'

May 18, 2021: -On Monday, Tesla CEO Elon Musk clarified in a tweet that the electric vehicle maker “has not sold any Bitcoin.” “To clarify speculation, Tesla did not sell any Bitcoin,” Musk said in a tweet.

Bitcoin’s price had tumbled less than $43,000 after Musk implied in a Twitter exchange that the electric vehicle maker sold or may sell the rest of its bitcoin holdings.

The exchange came after Musk said that the company is planning to hold instead of selling the bitcoin it intends to use for transactions as mining transitions to more sustainable energy.

Musk has been a supporter of cryptocurrencies, helping rally the prices of digital coins, which includes bitcoin, even in the past year.

Musk reversed course in recent weeks in favor of dogecoin, the meme-inspired cryptocurrency. Last week, Tesla also “suspended vehicle purchases using bitcoin,” out of concern regarding the “rapidly increasing use of fossil fuels for bitcoin mining.”

The bitcoin price decreased about 5% in the first minutes after the announcement of Musk. Musk has been Tweeting against users who are critical of his cryptocurrency stance.

On Friday, Influential venture investor Fred Wilson, a founding partner of Union Square Ventures, tweeted that “He’s playing games. It is hard to take anyone who does that seriously. I’ve lost enormous respect for him over the last year because of it.”

“Deep respect for what he does with his talents. Less for what he does with his tweets,” Wilson added.

Musk is also pushing further in dogecoin. His aerospace venture, SpaceX, announced it would accept dogecoin as payment to launch the “DOGE-1 mission to the Moon.” His endorsements have helped boost the price of the coin, pushing acceptance among some traders.

Crypto exchange platform Coinbase says that it would offer the digital coin in the next six to eight weeks. Other popular trading platforms in retail investors, Robinhood and Binance, allows users to trade dogecoin.

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