Tesla founder Elon Musk wrote on Twitter today that Tesla has “diamond hands” using diamond emoji and hands during the collapse of the global cryptocurrency market.
Musk’s tweet could be interpreted as a company’s commitment to holding on to their Bitcoin position that the company took earlier this year with a $ 1.5 billion investment.
Tesla, however, has made a $ 100 million profit in its Bitcoin area by reducing other positions, according to the company’s quarterly earnings in March.
Musk earlier this week explained that Tesla did not sell any of its Bitcoins after the company last week said it would not accept Bitcoin as payment for its products due to concerns related to environmental damage caused by cryptocurrency miners.
Bitcoin prices have plummeted to 30 per cent and lost more than $ 500 billion in market capitalization following media reports that Chinese regulators have called on financial and payment institutions to avoid cryptocurrencies, raising concerns that the country may be involved in cryptocurrency mining.
More than 50 per cent of the world’s Bitcoin mines are currently operated in Chinese cities.
Cathie Wood, a chief investment officer of ARK Investment Management, considered by some Warren Buffett to invest in technology, earlier today told Bloomberg TV that the ongoing collapse of cryptocurrencies like Bitcoin is not over and that he sees it as an opportunity.
Wood said his investment company was holding on to its long-term goal of $ 500,000 in Bitcoin. Bitcoin prices dropped daily and fell 16 per cent by $ 36,185.
