Gary Zhou 
Through the use of two simple emojis, Tesla CEO Elon Musk reassured everyone who follows him on Twitter that his electric car business will not be bailing on its Bitcoin investment anytime soon.
Earlier today, Musk tweeted, “Tesla has diamond hands.” The only difference is that he didn’t use the words “Diamond” or “Hands” in his Tweet. Instead, the CEO used emojis to explain Tesla’s plans.
Tesla disclosed earlier this year in a 10-K filing with the Securities and Exchange Commission that it had invested $1.5 billion in Bitcoin and intended to accept it as a form of payment. Tesla finally allowed potential car buyers to pay for their all-electric cars in March, but the company recently changed its mind, citing environmental issues as a major factor in its decision to suspend Bitcoin payment options. Tesla has not stated when it expects to resume accepting Bitcoin.
Although Musk and Tesla were wary of Bitcoin’s possible environmental consequences, the CEO reassured cryptocurrency supporters earlier this week that Tesla would not be selling any of its Bitcoin. Musk followed up with a Tweet earlier this morning, reiterating his earlier statement.
Tesla’s “Master of Coin,” Chief Financial Officer Zachary Kirkhorn, was thanked by Musk. Kirkhorn changed his job description to “Master of Coin” earlier this year, according to a filing with the Securities and Exchange Commission (SEC).
Diamond Hands, for those unfamiliar, is a term used in the stock market to describe someone or something who is willing to hold a position through long or short-term volatility. Diamond Hands is a term used to describe someone who, amid price declines in a stock or cryptocurrency, intends to keep their position until an end target is reached.
Musk’s reaction is most likely linked to Bitcoin’s recent price drop. Bitcoin, which hit a peak of $59,356.78 in May, has experienced some setbacks in recent weeks, with prices as low as $30,201.96, according to Coinbase. BTC is currently trading at $36,606.64, down 13.399 percent in the last 24 hours.
Some speculate that the widespread selloff in Bitcoin, which has resulted in a price drop, is linked to a number of Chinese finance and banking watchdogs who have expressed reservations about Bitcoin and other cryptocurrencies.
“Prices of cryptocurrency have skyrocketed and plummeted recently, and speculative trading has bounced back. This seriously harms the safety of people’s property and disturbs normal economic and financial orders,” regulators who are supervised by the People’s Bank of China and China Insurance and Banking Commission said, according to CNN.
Tesla’s Bitcoin investment made the company nearly a billion dollars earlier this year, but the pullback has caused some of those profits to be recouped. Tesla, on the other hand, bought Bitcoin in December when it was worth between $18,000 and $29,111, so there are still plenty of profits to be had from the investment.
