Tesla recently sold 75% of its Bitcoin holdings.This has led many to doubt Tesla's conviction, but it is evident by their comments that the company still views Bitcoin as a legitimate store of value.Tesla is only the last in a long line of entities selling in this Bitcoin capitulation, but I still see Bitcoin heading higher in the long term.Thesis SummaryTesla, Inc. (TSLA) recently reported its second quarter results, leading the stock to rally on the day. However, the company also disclosed that it had sold a large part of its Bitcoin (BTC-USD) holdings, and the cryptocurrency has performed poorly since.Tesla’s recent Bitcoin sales lead many to speculate what this means for crypto. Investors wonder: Has Elon Musk lost faith in Bitcoin? Does this mean he expects lower prices?In this article, I go into the history of Tesla’s Bitcoin purchases and sales and what they mean for the company and Bitcoin.Tesla and Bitcoin, a Short StoryTesla reported its second quarter results last week, and though a lot can be said about its growth prospects and margins, I’d like to focus today on the effect this latest report had on Bitcoin.Tesla and Bitcoin Performance (TradingView)As we can see in the chart above, the company’s Q2 results sent the stock up by over 10% on the day, while Bitcoin began to fall.It is a well-known fact that Musk has been a crypto enthusiast for some time now, which led him/Tesla to purchase $1.5 billion in Bitcoin at ...
