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Tesla did not sell BTC in the first quarter of 2023
Electric vehicle giant Tesla did not buy or sell any BTC in the first quarter of 2023. The company's last transaction took place in the second quarter of 2022, when it sold 75% of its BTC holdings to address rising production costs. No changes in Q1 The EV maker, led by Elon Musk, announced it had left its Bitcoin holdings untouched in the first three months of the year. The company continues to hold 11,950 BTC, equivalent to approximately $345 million. This is the third consecutive quarter in which Tesla did not sell or buy any BTC. His latest major transaction in the crypto scene happened in the second quarter...
Tesla did not sell BTC in the first quarter of 2023
Electric vehicle giant Tesla did not buy or sell any BTC in the first quarter of 2023.
The company's last transaction took place in the second quarter of 2022, when it sold 75% of its BTC holdings to address rising production costs.
No changes in Q1
The EV manufacturer, led by Elon Musk,announcedit had left its Bitcoin holdings untouched in the first three months of the year. The company continues to hold 11,950 BTC, equivalent to approximately $345 million.
This is the third consecutive quarter in which Tesla did not sell or buy any BTC. His latest major transaction in the crypto scenehappenedin the second quarter of 2022, when it divested $936 million (75% of its total holdings) from the leading digital asset.
muskexplainedthat the move was crucial due to Tesla's record production costs in China, which rose to unprecedented levels due to another COVID-19 lockdown that hampered the local economy. He said the nearly $1 billion generated from the sale helped the company cover its unforeseen expenses.
Contrary to his company's decision, Musk assured that he had not sold his crypto holdings. In addition to Bitcoin, he has invested in Ethereum (ETH) and Dogecoin (DOGE). The Memecoin is actually his favorite digital asset,argueit is more suitable for transactions and settlements than BTC.
Tesla and Bitcoin
The tech giant has been closely associated with the industry since the beginning of 2021, when itboughtBTC worth a whopping $1.5 billion. The purchase added momentum to an already heated bull market and pushed the asset's valuation to a new all-time high of over $42,000.
Tesla doubled down a few months later,allowCustomers to purchase company vehicles in BTC instead of fiat currency, triggering another price increase.
The honeymoon between the two ended at Tesla in May 2021exposedthe payment method citing the high energy consumption of the network. BTC fell from $55,000 to $52,000 within minutes of the disclosure.
Musk, on the other hand, said his company could reintroduce the option once there is evidence that at least 50% of Bitcoin mining is powered by renewable energy. A recent researchappreciatedThe process has already evolved in this direction, with over 52% of energy coming from renewable sources.
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