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Elon Musk says Tesla has “diamond hands” amid Bitcoin rout

Reuters
Musk had earlier this week clarified that Tesla had not sold any of its Bitcoins after the company last week said it will no longer accept Bitcoin as payment for its products
MUMBAI: Tesla founder Elon Musk tweeted today that Tesla has “diamond hands” by using the emoji for diamond and hands amid a meltdown in the global cryptocurrency market.

Musk’s tweet could be interpreted as the company’s commitment to hold on to their Bitcoin position that the company took earlier this year with an investment of $1.5 billion.

Tesla, however, did book some profits worth $100 million on its Bitcoin position by trimming some positions, according to the company’s March quarter earnings.

Musk had earlier this week clarified that Tesla had not sold any of its Bitcoins after the company last week said it will no longer accept Bitcoin as payment for its products due to concerns related to the environmental damage caused by cryptocurrency mining.

Bitcoin prices plummeted as much as 30 per cent and lost over $500 billion of market capitalization after media reports said that Chinese regulators have asked financial and payment institutions to steer clear of cryptocurrencies, sparking concerns that the country could crackdown on cryptocurrency mining too. More than 50 per cent of the Bitcoin mining in the world is currently done in Chinese cities.

Cathie Wood, chief investment officer at ARK Investment Management, considered by some the Warren Buffett of technology investing, earlier today told Bloomberg TV that the ongoing meltdown in cryptocurrencies such as Bitcoin is not over yet and that she sees it as an opportunity.

Wood said that her investment firm was sticking to its long-term target of $500,000 on Bitcoin. Bitcoin prices came off their day’s low and were down 16 per cent at $36,185.

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Source: Elon Musk says Tesla has “diamond hands” amid Bitcoin rout

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