Two years ago, Tesla had confirmed to have sold BTC for the first time but still insisted to believe in the “value of Bitcoin long term“. Just to sell 75% more a year later. An example of how wrong institutional adoption can be.

With the Bull Market in 2021 Crypto for the first time became a word that every company was knowing about and even started using as some kind of a “buzzword“ to lure more investors. Bitcoin has been mainstream for the first time in its history and obviously a lot of firms now wanted to jump on the hype wagon. Tesla was one of them.

During the middle of the 2021 bull market, $1.5B from Tesla was invested into Bitcoin and a lot of hype and conviction seemed to role into Crypto but that did not last long.

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News Article showing Teslas first sale on the 26th April 2021

Exactly 2 years ago on the 26th April 2021, Tesla sold roughly $272M worth of BTC on a profit of roughly $101M, but they seemed to assure everyone that they won‘t be dumping more Bitcoin as they believed in Bitcoin “for the long term“.

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News article showing the sale of 75% of their BTC last year

Fast-forward just one year and Tesla sold 75% of all of their Bitcoin to improve their own cash flow. So much for their high levels of conviction for the long term.

This story really happens to show how most institutions, even though they are trying to assure us all of how much they believe in their investments, but at the end it is just all about the money and not any kind of “belief“ or “conviction“.