Musk says Tesla sold Bitcoin to prove liquidity as cash alternative

Elon Musk said Tesla 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.

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 Twitter that Tesla in essence was trying "to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.” The electric-vehicle maker forced cryptocurrencies onto the agenda of corporate treasurers worldwide with its investment in Bitcoin.