Tesla keeps its Bitcoin stash

Tesla still holds $1.3 billion in bitcoin despite CEO Elon Musk's past concern about bitcoin mining's environmental impact.

Tesla keeps its Bitcoin stash

Despite Elon Musk's past concerns about the Bitcoin's environmental impact, Tesla's latest earning presentation revealed the company didn't sell any more of its pioneer crypto assets.

According to Tesla's Q2 earnings call held on Monday, the electric car maker reported no new sales nor purchases of Bitcoin and Tesla holds about $1.3 billion in bitcoin.

The world's most valuable carmaker had earlier disclosed in February that it bought about $1.5 billion worth of bitcoin, thus reduced its bitcoin positions by 10% in Q1, a sale that boosted its first-quarter earnings by $272 million.

The flagship crypto asset briefly touched the $40,000 price bands for the first time in nearly six weeks on Monday over speculation that Amazon's involvement in the crypto industry turned bullish following a recent sell-off.

Market pundits attributed the surge to a number of factors including recent bullish comments from Twitter's CEO Jack Dorsey and Elon Musk's recent comments that suggest the world's most valuable car marker might likely accept bitcoin for vehicle purchases again as a greater share of bitcoin mining switches to renewable energy further gave Bitcoin pulls to hold sway.

A recently-published Amazon job posting revealed the multi-trillion-dollar valued company was looking for a "Digital Currency and Blockchain Product Lead."
Bitcoin traded above the key level briefly, reaching $40,245 by 19:30, Greenwich Mean Time (GMT). According to data collated from Coingecko, the pioneer crypto asset last traded above the $40,000 mark on June 16.

The price gains come after Bitcon's price dropped below $30,000 after a global sell-off in equities triggered by the resurgence of COVID-19, and sparked fear that it could drop even further.

In addition, short-sellers are currently on the backbench, with a record $1.2 billion in short positions liquidated within a span of 24 hours further predict the outlook and momentum for Bitcoin in the near term remains positive.