Finally, the Bitcoin investors settled down with confidence that Tesla is still holding a better amount of Bitcoin, following several big sales in the past.
Tesla is a popular electric vehicle manufacturing company. Tesla CEO Elon Musk is fond of cryptocurrencies e.g. Bitcoin, Ethereum, and Dogecoin. In 2021, Tesla purchased nearly $1.5 billion worth of Bitcoins and months later announced Bitcoin as an alternative payment option for the company. In the early phase of this year, the company sold the majority of its Bitcoin holdings.
On 19 Oct 2023, Tesla released its Q3 2023 earnings report and showed that the company generated revenue of $23.4 billion, below the $24.06 billion forecast.
In the third quarter, the company scored a gross margin of 17.9%. The majority of the crypto investors were eagerly waiting to see the Tesla Bitcoin holding actual report, to know whether the company was holding Bitcoin or sold the rest of the holdings.
The earnings report confirmed that the company holds $184m of Bitcoin which means the company sold zero Bitcoins in the last quarter.
Tesla, Bitcoin, & controversy
Under the leadership of Tesla CEO Musk, Tesla started accepting Bitcoin payments but months later suspended the bitcoin payment option from the company citing high network fees & high volatility in the trade price of Bitcoin.
In May 2021, Tesla terminated the Bitcoin payment option & also mentioned the negative impact of Bitcoin mining operation, impact on the environment.
Following huge criticism from Bitcoin proponents, Musk said that Tesla will start accepting Bitcoin payments again in the future when 50% of the Bitcoin mining operations will run on sustainable & green sources of energy.
Just a few months ago, we reported that more than 50% of the Bitcoin mining activities are running on the Bitcoin network but so far neither Musk nor Tesla talked about the Bitcoin payment option plan and the company’s current Bitcoin holding is enough to show the company’s future intention for Bitcoin.