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      <p>Tesla, the electric car company led by Elon Musk, has not sold its remaining bitcoin stock, as it was supposed to do during the fourth quarter of 2022, according to a filing with the US Securities and Exchange Commission (SEC).</p>
      <p>Bitcoin held by Tesla is worth about $245 million.</p>
      <p>Despite last year's cryptocurrency market crash and negative news clouding the cryptocurrency ecosystem, such as the bankruptcies of major crypto companies in the industry, Tesla has kept accumulating a portion of crypto wealth, according to
        its fourth-quarter and fiscal 2022 update.</p>
      <h2><span style="color:#d35400"><strong>Tesla seizes the opportunity:</strong></span></h2>
      <p>During the first quarter of 2021, Tesla bought 43,200 bitcoins for $1.5 billion.</p>
      <p>The company has held onto its bitcoins for more than a year despite the onset of the coronavirus pandemic, which has caused mass layoffs and shutdowns of many US businesses.</p>
      <p>In July 2022, the CEO of Tesla announced that the company had to sell 75% of its bitcoin for $936 million due to the company's high production costs in China, which had risen to unprecedented levels in the wake of the coronavirus.</p>
      <p>Musk then explained that the company is open to increasing bitcoin holdings in the future and that they have nothing against bitcoin.</p>
      <p>He stated that the reason for the sale was due to the uncertainty surrounding the coronavirus insurance operations in China and the need to improve the company's cash position.</p>
      <p>Musk also stated in March 2022 that he still holds onto his bitcoins and has no intention of selling them.</p>
      <h2><span style="color:#d35400"><strong>Tesla and Bitcoin:</strong></span></h2>
      <p>Tesla was one of the first companies to invest large sums of money in bitcoin, and its first purchase sent the price of bitcoin up and down, as the momentum pushed it from the $20,000 price to nearly $70,000.</p>
      <p>After that, Tesla began to lose confidence in its investments in bitcoin due to the energy consumption of the bitcoin mining mechanism, which caused Tesla to stop accepting bitcoin payments to purchase its cars in May 2021.</p>
      <p>Bitcoin collapsed shortly thereafter, going from $55k to $52k in a matter of hours.</p>
      <p>In September 2022, Michael Saylor, founder of Microstrategy, spoke out in defense of the bitcoin mining industry, arguing that reports of increased carbon emissions from bitcoin mining were false.</p>
      <p>He said that 99.92% of the world's carbon emissions are due to industrial energy uses other than the bitcoin mining industry.</p>
      <p>Since then, Tesla has not talked about bitcoin mining.</p>
      <p>Currently, it is not clear if the company plans to adopt Bitcoin again in the future.</p>
      <p>However, Tesla holding 25% of its bitcoin stock, despite the market crash and negative news in the crypto ecosystem, could indicate a renewed interest from the company in digital currencies.</p>
      <p>In addition, Elon Musk has been vocal about his support for Bitcoin and other cryptocurrencies, especially Dogecoin.</p>
      <p>The company may be waiting for the right time to make a move, but it is also possible that they are simply holding their bitcoins as a long-term investment.</p>
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TESLA HOLDS ITS OWN BITCOINS DURING THE FOURTH QUARTER OF 2022


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asked 3 days ago in question by mrcat (4.0k points)

Tesla, the electric car company led by Elon Musk, has not sold its remaining
bitcoin stock, as it was supposed to do during the fourth quarter of 2022,
according to a filing with the US Securities and Exchange Commission (SEC).

Bitcoin held by Tesla is worth about $245 million.

Despite last year's cryptocurrency market crash and negative news clouding the
cryptocurrency ecosystem, such as the bankruptcies of major crypto companies in
the industry, Tesla has kept accumulating a portion of crypto wealth, according
to its fourth-quarter and fiscal 2022 update.


TESLA SEIZES THE OPPORTUNITY:

During the first quarter of 2021, Tesla bought 43,200 bitcoins for $1.5 billion.

The company has held onto its bitcoins for more than a year despite the onset of
the coronavirus pandemic, which has caused mass layoffs and shutdowns of many US
businesses.

In July 2022, the CEO of Tesla announced that the company had to sell 75% of its
bitcoin for $936 million due to the company's high production costs in China,
which had risen to unprecedented levels in the wake of the coronavirus.

Musk then explained that the company is open to increasing bitcoin holdings in
the future and that they have nothing against bitcoin.

He stated that the reason for the sale was due to the uncertainty surrounding
the coronavirus insurance operations in China and the need to improve the
company's cash position.

Musk also stated in March 2022 that he still holds onto his bitcoins and has no
intention of selling them.


TESLA AND BITCOIN:

Tesla was one of the first companies to invest large sums of money in bitcoin,
and its first purchase sent the price of bitcoin up and down, as the momentum
pushed it from the $20,000 price to nearly $70,000.

After that, Tesla began to lose confidence in its investments in bitcoin due to
the energy consumption of the bitcoin mining mechanism, which caused Tesla to
stop accepting bitcoin payments to purchase its cars in May 2021.

Bitcoin collapsed shortly thereafter, going from $55k to $52k in a matter of
hours.

In September 2022, Michael Saylor, founder of Microstrategy, spoke out in
defense of the bitcoin mining industry, arguing that reports of increased carbon
emissions from bitcoin mining were false.

He said that 99.92% of the world's carbon emissions are due to industrial energy
uses other than the bitcoin mining industry.

Since then, Tesla has not talked about bitcoin mining.

Currently, it is not clear if the company plans to adopt Bitcoin again in the
future.

However, Tesla holding 25% of its bitcoin stock, despite the market crash and
negative news in the crypto ecosystem, could indicate a renewed interest from
the company in digital currencies.

In addition, Elon Musk has been vocal about his support for Bitcoin and other
cryptocurrencies, especially Dogecoin.

The company may be waiting for the right time to make a move, but it is also
possible that they are simply holding their bitcoins as a long-term investment.








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1 ANSWER

0 votes

answered 3 days ago by mrcat (4.0k points)
 
Best answer


TESLA HOLDS ITS OWN BITCOINS DURING THE FOURTH QUARTER OF 2022





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