Despite the crypto-wide sell-off, which saw bitcoin’s worth cut in half at one point in the last 24 hours, Tesla CEO Elon Musk seems unconcerned about bitcoin.
Musk said Tesla had diamond hands in a tweet Wednesday morning, using a mix of text and emojis, meaning that the electric car manufacturer will not be selling its $1.5 billion bitcoin stake.
According to Coin Metrics, the world’s most common cryptocurrency fell as much as 30% on Wednesday, to just above $30,000, its lowest level since late January. Following Tesla’s declaration that it will buy $1.5 billion worth of bitcoin, bitcoin has now lost much of its profits.
Musk’s statements on Tesla’s bitcoin status have been contradictory.
On May 12, he announced that Tesla had halted bitcoin vehicle sales due to environmental issues about the mining operation. Following that, the entire blockchain industry was washed out for $300 billion in a single day.
Tesla’s bitcoin holdings were also mentioned on Twitter over the weekend, but Musk later explained that the firm will not sell them.
Tesla is part of a larger tech sell-off, with shares down around 4% so far on Wednesday. Another firm that keeps a huge volume of bitcoin for its corporate treasury, Microstrategy, is down more than 7%.