Elon Musk Says Tesla Has Diamond Hands Amid Bitcoin and Crypto Market Meltdown

Elon Musk’s crypto escapades continue, with the tech entrepreneur now suggesting Tesla has no plans to sell its Bitcoin.

A week ago, Musk released a statement declaring Tesla will no longer accept BTC for purchases until the top crypto is more energy efficient.

The move raised questions on whether Tesla is selling its massive Bitcoin holdings, which were worth $1.5 billion when the company first entered the market back in February.

Today, as the crypto markets plunged, Musk returned to Twitter, thanking his chief financial officer Zach Kirkhorn, who he has dubbed his “Master of Coin”.

Musk says Tesla has “diamond hands”, a phrase used by investors who have no intention of selling.

Tesla has 💎 🙌

— Elon Musk (@elonmusk) May 19, 2021

According to TradingView, Musk’s tweet appeared to trigger a bounce in the price of BTC.

The top crypto asset has returned to $40,000 at time of publishing, according to the latest data from market price aggregator CoinGecko.

Source: TradingView

In its first-quarter earnings report, Tesla said it sold $272 million worth of Bitcoin BTC in March.

Musk said the move was “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

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Featured Image: Shutterstock/Tithi Luadthong

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