Bitcoin (BTC) owner Tesla’s first-quarter balance sheet statement was broadcast live on Twitter, a first for the company.
Tesla’s Bitcoin holdings were unchanged for the first quarter of the year.
Tesla’s Bitcoin holdings were unchanged for the first quarter of the year. In other words, Bitcoin did not buy or sell any Bitcoin.
Tesla continues to hold approximately 11,950 BTC ($350 million).
Tesla’s Bitcoin History
Tesla invested $1.5 billion in Bitcoin in early 2021 and became the first major automaker to accept Bitcoin as payment for its products. The company believed that bitcoin had long-term potential and that blockchain technology could prevent fraud.
However, Tesla stopped accepting BTC in May 2021 due to environmental concerns regarding cryptocurrency mining and has yet to re-enforce it. Tesla’s CEO, Elon Musk, said he would reconsider if BTC miners could use more renewable energy sources.
By the end of Q2 2021, Tesla had sold 75% of its BTC holdings and converted them into fiat currency as the value of the cryptocurrency had plummeted. The company still made nearly $100 million in capital gains from its bitcoin investment in the first quarter.
Elon Musk is one of the most influential figures in the cryptocurrency world, as his views and actions can have a significant impact on the prices and popularity of various cryptocurrencies.
Musk thinks that BTC is a “pretty clever” invention and can replace cash, especially for transactions that require an anonymous and censorship-proof payment method. He personally owns some Bitcoin as well as Ethereum and Dogecoin.
*Not investment advice.
