Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Elon Musk Confirms He Owns Bitcoin, Has Not Sold Any — Tesla Intends to Hold BTC Long Term, Sold Some to Prove Liquidity

Elon Musk Confirms He Owns Bitcoin, Has Not Sold Any — Tesla Intends to Hold BTC Long Term, Sold Some to Prove Liquidity

Tesla CEO Elon Musk has confirmed that he owns bitcoin and has not sold any of his holdings. His company Tesla, however, has sold some of its bitcoins, which Musk says it’s “essentially to prove liquidity of bitcoin.” Tesla’s Master of Coin says the company believes in the value of bitcoin and will keep holding the cryptocurrency long term as well as accumulating from car sales.

Tesla Sold 10% of Its Bitcoin Holdings, Made $272 Million

Elon Musk’s electric car company, Tesla, announced its first-quarter earnings results on Monday. Prior to the earnings call, bitcoiners were hoping to hear how many more bitcoins Tesla had purchased since its original investment of $1.5 billion early this year. However, Tesla revealed that it actually sold some BTC during the quarter.

Zachary Kirkhorn, Tesla’s chief financial officer whose title was changed to Master of Coin, said during the earnings call:

We also invested $1.5 billion in bitcoin during the quarter, then trimmed our position by 10%, which contributed to a small gain in our Q1 financials.

Tesla’s statement of cash flows (unaudited). Source: Tesla

Tesla’s unaudited statement of cash flows shows an entry for “Proceeds from sales of digital assets” that amounted to $272 million. Its balance sheet shows a net digital asset entry of $1.331 billion.

Tesla’s balance sheet (unaudited). Source: Tesla

Elon Musk Owns Bitcoin and Has Not Sold Any

The news of Tesla selling some of its bitcoins went viral on social media and many people on Twitter are upset with Elon Musk, the CEO whose title was changed to Technoking of Tesla.

Stock trader Dave Portnoy, who recently became a proud owner of one bitcoin, commented in a tweet: “So, am I understanding this correctly? Elon Musk buys bitcoin. Then he pumps it. It goes up. Then he dumps it and make a fortune.”

Musk replied: “No you do not.” He proceeded to reveal, “I have not sold any of my bitcoin,” confirming that “Tesla sold 10% of its holdings.” The Tesla technoking claims that the BTC sale was “essentially to prove liquidity of bitcoin as an alternative to holding cash on balance sheet.”

Tesla’s Bitcoin Strategy Going Forward

Kirkhorn explained during the earnings call: “Elon and I were looking for a place to store cash that wasn’t being immediately used, trying to get some level of return on this, but also preserve liquidity … Bitcoin seemed at the time and so far has proven to be a good decision.”

He continued, “Thinking about it from a corporate treasury perspective, we’ve been quite pleased with how much liquidity there is in the bitcoin market.” Kirkhorn elaborated: “Our ability to build our first position happened quickly. When we did the sale later in March, we also were able to execute that very quickly. And so as we think about kind of global liquidity for the business in risk management, being able to get cash in and out of the market is something that I think is exceptionally important for us.”

Tesla’s Master of Coin emphasized:

We do believe long term in the value of bitcoin. So it is our intent to hold what we have long term and continue to accumulate bitcoin from transactions from our customers as they purchase vehicles.

How many bitcoins do you think Elon Musk owns and what do you think about Tesla selling some to prove liquidity? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment
Read more

Year of sponsorships: Celebrities who embraced crypto in 2021

From Matt Damon appearing in a TV spot for Crypto.com to Kim Kardashian shilling EthereumMax, 2021 saw celebrities with higher profiles getting into crypto. Though the crypto space has seemingly moved beyond the endorsements many minor celebrities bestowed on token projects during the 2018 initial coin offering boom, its growing popularity and acceptance now has professional sports players, Hollywood elites and politicians backing major companies dealing with digital assets. In June 2021, Kim Kardashian promoted EthereumMax (EMAX) via an Instagram story shared with  her more than 200 million followers . The token, which was used as payment for online ticket purchases for some pay-per-view events, gained 116,000% in just one week following the celebrity’s activity before falling more than 99% and leaving many investors in the red. Kim Kardashian promoting EthereumMax on Instagram Stories, June 2021. Source: Instagram Though EthereumMax is somewhat of a cautionary tale for cry...
Post a Comment
Read more

Top 3 Rebase Token Markets Shudder — Stats Show TIME, OHM, BTRFLY Lost Billions Since All-Time Highs

While the crypto economy has shed more than 3% in fiat value during the last 24 hours dropping to $2.09 trillion, the top rebase tokens by market capitalization have seen significant losses this week. At the time of writing, the rebase token economy is valued at over $3.2 billion but has lost more than 10% in value during the last 24 hours. The largest rebase token economies such as Wonderland, Olympus, and Redacted Cartel have shed between 36% to 55% over the last week. Top 3 Rebase Token Protocols Shed Billions in Value Over the Last Week, Wonderland Down 87% Since High On the first day of November 2021, Bitcoin.com News took a deep dive into the Olympus DAO and the reserve-backed asset called OHM . Olympus is a decentralized finance (defi) project that is described as a rebase token and since Olympus started, a myriad of Olympus forks have been born. Essentially, rebase token protocols adjust the token supply in a periodic fashion or when the price fluctuates. Olympus was once ...
Post a Comment
Read more