Elon Musk says Tesla sold Bitcoin to prove liquidity as cash alternative

Tesla sold 10% of its Bitcoin holdings to prove the cryptocurrency’s liquidity as an alternative to holding cash on the balance sheet, CEO Elon Musk said in a tweet reply.

Musk added that he has not sold any of his personal Bitcoin.

He was responding to a separate tweet from Barstool Sports President Dave Portnoy who claimed that Musk bought Bitcoin, pumped it and then dumped it to make a fortune.