Exactly one year ago, Tesla had sold 75% of their Bitcoin holdings. Just showing how companies are here for gains and not any fundamentals or utility.

We often say to each other that it is very bullish once big companies start to invest in Crypto as they have massive amounts of cash that are all set to be invested, but the bear market showed how the big companies that invested in 2021 just followed the buzz and hype like most of us here and also just like most of us here, did not understand Crypto or even Bitcoin on itself. They just followed the gains as all do and that can be very dangerous.

One perfect example for that is Elon Musk, a person loved during the 2021 bull run for buying $1.5B worth of BTC as one of the first big companies to enter Crypto. Well that did not last long… just weeks later Tesla discontinued their BTC payments, citing “environmental concerns“. Though they also did not change that back even after the Bitcoin Mining Council confirmed that over 50% of the energy used for Bitcoin mining is now from sustainable sources.

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News of Elon Musk‘s Tesla selling 75% of their BTC on July 20th 2022

And today exactly one year ago Tesla actually sold 75% of their BTC position, due to some negative cash flow at the firm and the fact that the economical conditions were very dire for the automobile industry after the war outbreak.

Still it shows that for those big companies, BTC is just one more of their many investments and actually they probably value it even less than others and just see it as a way to gain attention in a Crypto bull market and boost their stock price. They don‘t care at all about the ideas or utility of Crypto, they just see it as another way to have more of their corrupted fiat money.