Tesla Holds Approximately 1.99 Billion Dollars In Its Bitcoin Stash

2022-02-07 19:33:02
Tesla Likes Bitcoin

According to official data from the United States Securities and Exchange Commission annual report, Tesla managed to acquire 1.99 billion in its bitcoin stash for 2021. This number comes after a rather busy year for the electric car company, crypto-wise.

In particular, in March of 2020, Tesla announced that it will start to accept bitcoin payments for anything starting with cars, up to various merchandise and accessories.

Consequently, this is the same period in Q1 when Tesla also purchased $1.5 billion in bitcoin, only to sell $128 million a couple of weeks later. According to the electric car company, the reason for the sale was to prove the liquidity and stability of the digital asset.

However, it wasn’t long enough until Elon Musk decided to pull the plug on all bitcoin payments, citing environmental concerns as the main issue. Yet, this still didn’t manage to prevent the massive public backlash from environmentalists worldwide.

Temporary Abandonment

This resulted in Tesla abandoning the entire bitcoin payments idea. And according to Musk, the only way the company will consider integrating crypto payments is if the majority of the crypto mining is done via sustainable energy.

And according to the Bitcoin Mining Council, the share from crypto mining with renewable energy is currently up to 58.5% in Q4.

Interestingly, despite all of the negative reactions, Tesla still allowed crypto payments with Dogecoin, for selected merchandise. And it definitely seemed to pay off, considering that tesla broke its record for highest-grossing Q4 ever, with a whopping $5.5 billion revenue.

The 1.99 billion dollars bitcoin stash of Tesla is definitely among the biggest out of all companies worldwide. As such, it will interesting to see if perhaps at one point in the future, the e-car company will dwell into the cousin of cryptocurrencies, NFTs.

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