Elon Musk said Tesla Inc. sold 10% of its Bitcoin holdings to show the token’s liquidity – and he has kept his personal investment in the cryptocurrency, it has been reported.
Tesla’s earnings report showed the firm – which bought more than $1billion of the tokens earlier this year – generated $101million in income from the sale, Bloomberg reports.
And Tesla’s Chief Financial Officer Zachary Kirkhorn reportedly said on an earnings call that the company believes in Bitcoin’s long-term value.
Meanwhile eToro analyst Simon Peters told Crypto AM: “Ethereum could certainly challenge Bitcoin for the number one spot among cryptoassets in terms of market cap, but it will be a few years yet before this could potentially happen.
“We must remember both tokens were created for different reasons. Bitcoin is a decentralised currency and Ethereum is a platform to build decentralised apps that make use of smart contracts.”
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