Elon Musk and Tesla Still Hold Bitcoin
Key highlights
Through the fourth quarter of 2022, Tesla, the EV leader maintained its Sept. 30 stake in bitcoins. Great news for cryptocurrency and bitcoin fans and holders.
Faithful to Bitcoin For Years
Last Electric-vehicle leader balance sheet showed that Tesla and Elon Musk have been keeping the Bitcoin they’d had left at Sept. 30 through the fourth quarter of 2022.
Since 2021, Tesla has showed a level of confidence in Bitcoin powered by blockchain technology.
In February 2021, Elon Musk said that Tesla had invested $1.5 billion in bitcoin. It purchased more than 43,200 bitcoins for around $30,000.
This move was quickly profitable as bitcoin’s price soared to a record $69,044.77 on Nov. 10, 2021, during the crypto climax. But the crypto market’s collapse has occurred and crypto has lost almost $2 trillion after hitting an all-time high of $3 trillion.
Tesla has managed to save the critical situation by selling most of its bitcoin before prices fell below what has been paid for it. Tesla said that it had sold 75% of the 42.000 bitcoins bought on April.
We have converted approximately 75% of our bitcoin purchases into fiat currency, said Elon Musk at the time.
It recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin.
The company recorded a net loss of $106 million on its bitcoin experience.
However, the crypto savvy community is still supporting Bitcoin and appreciate that Tesla and Elon Musk didn’t sell during this rough time.
