.elonmusk has clarified that the decision to sell Bitcoin wasn’t a verdict
The centibillionaire also said that the company was open to increasing its Bitcoin holdings in the future.Musk was also critical of Bitcoin during the earnings call, claiming that it is not contributing to an environmentally sustainable future. “Cryptocurrency is a sideshow to a sideshow. We don’t think about it much,” the centibillionaire said. Last May, Tesla stopped accepting Bitcoin due to climate-related concerns, causing a major market correction.
The world’s largest cryptocurrency dropped to $22,650 following Tesla’s U-turn. At press time, the cryptocurrency remains below the $23,000 level, failing to regain momentum. Bitcoin is still down roughly 48% from its record peak. The cryptocurrency’s decline is mainly linked to the Federal Reserve’s attempts to tame inflation. The central bank is expected to announce another rate hike later this month.
During the earnings call, Musk said that he was expecting inflation to decline by the end of the year.
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