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“Diamond Hands” Michael Saylor Pokes Fun at Elon Musk for Selling 75% of Tesla’s Bitcoin Holdings

Published 07/22/2022, 09:10 AM
Updated 07/22/2022, 10:00 AM
© Reuters. “Diamond Hands” Michael Saylor Pokes Fun at Elon Musk for Selling 75% of Tesla’s Bitcoin Holdings

Founder of MicroStrategy, and popular Bitcoin perma-bull Michael Saylor has taken jabs at Elon Musk after the Tesla (NASDAQ:TSLA) CEO’s announcement that his company had traded off 75% of its Bitcoin holdings.

Michael Saylor Takes Dig at Elon Musk

In Reviewing its Q2 report in a Wednesday earnings call, Elon Musk explained why electric vehicle manufacturer Tesla had sold three-quarters of its Bitcoin holdings for approximately $936 million USD.

Shortly after the Tesla announcement, Michael Saylor, one of Bitcoin’s most vocal advocates, took to Twitter (NYSE:TWTR) to share his thoughts on the situation, tweeting:

Saylor and Musk’s Bitcoin Journey

In February, Tesla bought $1.5 billion worth of the leading cryptocurrency after Michael Saylor offered Elon Musk advice for how the centibillionaire could purchase the crypto.

Soon after the acquisition was announced, Tesla revealed that its customers would be able to buy its electric cars using Bitcoin. However, Tesla soon pulled the plug the following months, citing environmental concerns.

Unlike Tesla and Musk, Michael Saylor has remained faithful to Bitcoin, and his company, MicroStrategy, is now the largest corporate holder of Bitcoin, with stores of 129,699 BTC (worth approximately $2.9 billion at press time).

On the Flipside

  • In explaining why Tesla had sold its Bitcoin, Elon Musk expressly stated that this did not mark the company’s final verdict on the asset, and it remains open to buying more BTC in the future.
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Why You Should Care

Michael Saylor’s comments were made in reference to “one Bitcoin equals one Bitcoin,” which encourages investors to focus on Bitcoin’s adoption, not its price.

To find out more about why Tesla sold its Bitcoin, check out:

Elon Musk’s Tesla Sells 75% of Its Bitcoin in Q2, Records 32% Profit Drop from Q1

Should you buy Bitcoin? Read what Saylor thinks below:

$20K Is an “Ideal Entry Point” for Investors to Buy Bitcoin, Says Michael Saylor

Continue reading on DailyCoin

Latest comments

TSLA sold just enough so earnings wouldn't show a NCF for the quarter. Creative ways to make a company look like they are not bleeding to the tune of a billion for the quarter. Why analysts haven't noted this is astounding? It's clear to even a novice that it was a accounting gimmick? Guess they were instructed to look the other way?
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