Tesla remained a Bitcoin Hodler in the second quarter of 2022
Tesla remained a Bitcoin Hodler in the second quarter of 2022
Tesla, the electric car company guided by Elon Musk, did not sell the remaining Bitcoin supplies, as was planned in the 4th quarter of 2022, according to one published by the Securities and Exchange Commission (SEC).
The Tesla's BTC stocks should have a price of around $ 245 million, which would be the last 25 % of all Bitcoin that the company bought from 2021 during the Crypto Bullrun.
Despite the crypto market crash the following year and the negative news that darkened the crypto ecosystem, like the bankruptcy of large companies in the industry, "hollow" Tesla, according to its update for Q4 and GJ 2022, continued part of its crypto assets.
Musk invested in opportunities
In the first quarter of 2021, Tesla 43,200 BTC bought $ 1.5 billion. Despite the outbreak of Covid-19 pandemic, which led to massive layoffs and the closure of several US companies, the company stuck to its bitcoins for more than a year.
In July 2022, Elon Musk, CEO of Tesla, announced that the company had to sell 75 % of its Bitcoin for $ 936 million due to the increase in the production costs of the company in China, which had increased to an unprecedented level in the course of the Coronavirus.
However,Musk made it clear that the company was "open to the increase in Bitcoin stocks in the future" and has nothing against BTC. He said the reason for the sale was the uncertainty in connection with the Covid Lockdowns in China and the need to maximize the company's liquidity.
Musk also reported in March 2022 that he still had his personal bitcoins and did not intend to sell them.
The general principle is considered to those who are looking for advice from this thread that it is generally better to have physical things like a house or shares of companies that they believe that they produce good products than dollar if inflation is high.
I still have my Bitcoin, Ethereum or Doge Fwiw and will not sell them.
-Herr Tweet (@elonmusk) 14. March 2022
Tesla and his Bitcoin confidence problems
Tesla was one of the first companies that invested large amounts of money in Bitcoin, and his first purchase fired the upward movement of BTC and drove it from around $ 20,000 to almost $ 70,000. Due to Bitcoin's energy consumption, however, it began to lose confidence in its investment, which led to Tesla stopping Bitcoin payments for the purchase of his cars in May 2021. Bitcoin fell shortly afterwards and rose from $ 55,000 to $ 55,000.
in September 2022 Michael Saylor, founder of Microstrategy, spoke out to defend the Bitcoin mining industry and argued that reports on increased carbon emissions from Bitcoin mining were "wrong". He said that "99.92 % of global carbon emissions are due to other industrial energy uses than Bitcoin mining".
Nevertheless, Tesla has not commented on Bitcoin mining since then. It is unclear whether the company plans to accept Bitcoin again in the future. However, Tesla's retention of 25 % of its Bitcoin stock despite the market crash and negative news in the crypto ecosystem could indicate a new interest in the digital currency.
In addition, Musk has always loudly emphasized his support for Bitcoin and other cryptocurrencies - especially Dogecoin. The company may be waiting for the right time to take a step, but it is also possible that it will simply hold on to its Bitcoin supply as a long-term investment.
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