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To enjoy unlimited access to our journalism, u003ca href=”https://fortune.com/subscribe/?utm_campaign=subscription-plea&utm_medium=lined-plea&utm_source=site”>subscribe todayu003c/a>.u003c/div>n u003cp>Elon Musk said u003ca href=”https://fortune.com/company/tesla” target=”_blank”>Teslau003c/a> Inc. sold 10% of its Bitcoin holdings to demonstrate the token’s liquidity, while adding that he’s retained his personal investment in the cryptocurrency.u003c/p> u003cp>Tesla’s earnings report showed the firm—which bought more than $1 billion of the tokens earlier this year—generated $101 million in income from the sale. Musk said on u003ca href=”https://fortune.com/company/twitter” target=”_blank”>Twitteru003c/a> that Tesla in essence was trying “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”u003c/p> u003cp>The electric-vehicle maker forced cryptocurrencies onto the agenda of corporate treasurers worldwide with its investment in Bitcoin. While many continue to view the token as just too risky to be compared with cash, Tesla’s Chief Financial Officer Zachary Kirkhorn said on an earnings call that the company believes in Bitcoin’s long-term value.u003c/p> “},”children”:[]},{“name”:”core-embed”,”config”:{“content”:”nu003cfigure class=”wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter”>u003cdiv class=”wp-block-embed__wrapper”>nu003cblockquote class=”twitter-tweet” data-width=”500″ data-dnt=”true”>u003cp lang=”en” dir=”ltr”>No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.u003c/p>— Elon Musk (@elonmusk) u003ca href=”https://twitter.com/elonmusk/status/1386821144037236737?ref_src=twsrc%5Etfw”>April 26, 2021u003c/a>u003cscript async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″>u003c/script>u003c/blockquote>nnu003c/div>u003c/figure>n”,”oembed”:true,”provider”:”twitter”,”rich”:true},”children”:[]},{“name”:”html”,”config”:{“content”:” u003cp>For a number of strategists, Bitcoin and other tokens are purely speculative investments rather than legitimate alternatives to cash. For instance, BCA Research Inc. argues that Bitcoin fails as a store of value or unit of account owing to its volatility, even though these are basic functions of money.u003c/p> u003cp>However, Musk has been a high-profile supporter of cryptocurrencies u003ca rel=”noreferrer noopener” href=”https://www.bloomberg.com/news/articles/2021-02-09/a-brief-history-of-elon-musk-s-devotion-to-the-crypto-cause” target=”_blank”>for some timeu003c/a> and late last month announced that Tesla would begin accepting payment for its vehicles in Bitcoin.u003c/p> “},”children”:[]},{“name”:”html”,”config”:{“content”:”u003cp>u003cem>u003ca href=”https://mynewsletters.fortune.com/the-ledger”>Subscribe to The Ledgeru003c/a> for expert weekly analysis on fintech’s big stories, delivered free to your inbox.u003c/em>u003c/p>n u003cp>The world’s largest cryptocurrency climbed about 1% to $53,765 as of 12:16 p.m. in Tokyo on Tuesday. It’s tumbled from a peak of almost $64,870 in mid-April but is still up sevenfold in the past year.u003c/p> u003cp>Tesla fell as much as 3.1% in late trading after its results were announced Monday despite a record profit in the first quarter.u003c/p> “},”children”:[]},{“name”:”html”,”config”:{“content”:”u003ch3>u003cspan style=”font-weight: 400;”>More must-read u003c/span>u003ca href=”https://fortune.com/section/finance/”>u003cspan style=”font-weight: 400;”>finance coverageu003c/span>u003c/a>u003cspan style=”font-weight: 400;”> from u003c/span>u003ci>u003cspan style=”font-weight: 400;”>Fortuneu003c/span>u003c/i>u003cspan style=”font-weight: 400;”>:u003c/span>u003c/h3>nu003cul>nu003cli>Everything to know about u003ca href=”https://fortune.com/2021/04/28/biden-child-tax-credit-3000-dollars-to-parents-irs-when-will-i-get-the-money-how-much-will-i-get/”>Biden’s $3,000 child tax creditu003c/a>—including when the money should arriveu003c/li>nu003cli>Elon Musk just unlocked u003ca href=”https://fortune.com/2021/04/30/elon-musk-tesla-stock-tsla-equity-grant-q1-2021/”>the largest equity grant of all timeu003c/a> during a single quarteru003c/li>nu003cli>How to u003ca href=”https://fortune.com/2021/04/29/sim-swap-scam-cryptocurrency-theft-how-to-stop-it/”>stop SIM swap scammersu003c/a> from stealing your Bitcoinu003c/li>nu003cli>Bitcoin, Tesla, Ethereum:u003ca href=”https://fortune.com/2021/04/28/bitcoin-btc-tesla-tsla-ethereum-investments-taking-profits-sp-500/”> When should you take profitsu003c/a> on your biggest investing winners?u003c/li>nu003cli>The stock market’s performance during Biden’s first 100 days has officially u003ca href=”https://fortune.com/2021/04/29/stock-market-performance-under-biden-first-100-days-sp-500-spx-nasdaq-dow-jones-djia-april-2021-update/”>bested everyone from Trump back through Trumanu003c/a>u003c/li>nu003c/ul>n”},”children”:[]}]}]},{“name”:”advertising-slot”,”config”:{“align”:”center”,”lazyload”:false,”useDynamicChannel”:false,”placementName”:”Outstream”,”slotId”:”Outstream0″,”themeName”:”article”,”targeting”:{“placement_name”:”Outstream”,”index”:1}},”children”:[]},{“name”:”dianomi”,”config”:{“type”:”footer”},”children”:[]}]}]}]}},”componentData”:{},”error”:null,”loading”:false,”player”:{“currentTime”:0,”duration”:0,”loading”:false,”playing”:false,”seek”:0,”src”:””,”visible”:false,”volume”:0.5},”route”:{“status”:200,”redirectTo”:””,”redirectStatus”:0,”action”:”PUSH”,”pathname”:”/2021/04/27/elon-musk-tesla-bitcoin-sale-profit-liquidity-cash-alternative/”,”search”:”?”,”hash”:””},”visible”:{“search”:false,”primaryNav”:false,”freestar”:false,”adminBar”:false},”contactForm”:{“submitting”:false,”submitted”:false,”failed”:false,”validation”:{},”redirect”:””},”user”:{“isLoggedIn”:false,”accessLevel”:null}}; 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