Tesla has sold around 70 percent of its Bitcoin portfolio but it seems the company isn’t sure to do with the remaining 30 percent.
And yes, this is a reminder that Tesla actually does hold Bitcoin on its balance sheet.
We sort of forget about it from time to time.
Their investment strategy, if they even have one, is a little bit weird. Tesla first bought $1.5 billion worth of BTC (at the time) in February 2021, back when the price was hovering around $36,000.
They sold 10 percent in March 2021, when the price was well over $50,000, and that’s when their strategy stopped making a lot of sense.
In 2022, Tesla was in bad shape and Musk decided to sell an additional 67-something percent of Tesla’s BTC holdings.
They sold it at a loss and, more importantly, they’d be up around $300 million if they hadn’t sold at all.
The thing is, in my humble opinion, Tesla probably shouldn’t have bought Bitcoin in the first place.
I like Tesla, and I obviously like Bitcoin, but Tesla is a public company that’s halfway between a tech firm and an automaker.
So why buy Bitcoin? It’s not their place. I’m a big proponent of Bitcoin, but I think if Musk believes in BTC, he should buy it for his personal portfolio.
And if he wants to make a statement and buy it through his company, which I totally understand, then he should buy it through the Boring Company, which he also owns, or perhaps set up a new investment firm.
If I’m a Tesla owner, which I’m not, or a Tesla shareholder, which I am, I don’t necessarily care if they get involved with Bitcoin. It seems a bit out of place.
Having said that, there’s no doubt in my mind that Bitcoin will be worth more than it is now in five or ten or twenty years.
Tesla still owns 9,720 BTC, by the way. So let’s see what happens next.
bitcoinea 
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