Elon Musk's Tesla has announced that it has sold most of its Bitcoin.

The electric car maker says it has sold 75 percent of cryptocurrencies worth about $2 billion by the end of 2021.

They decided to sell because the value of the cryptocurrency fell by more than 50 percent this year, writes

.

Tesla CEO Musk has been among the most prominent proponents of cryptocurrencies, and statements via social media have often spurred significant activity in the crypto markets.

As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.

I still own & won't sell my Bitcoin, Ethereum or Doge fwiw.

— Elon Musk (@elonmusk) March 14, 2022

Tesla's $1.5 billion investment in Bitcoin, revealed in February 2021, fueled a surge in demand for Bitcoin.

Its price rose to around $70,000 last year, and that was the peak before the crash.

Today, one bitcoin sells for about $22,000.

Tesla last year stopped accepting Bitcoin as payment for cars, citing concerns about the climate impact of intensive bitcoin mining.

At the time, Musk said on social media that the company will not sell the Bitcoins it owns.

We now know that a year after the tweet, Tesla sold most of its Bitcoin, so this is another broken promise from Musk.