Tesla Holds $1.26 Billion In Bitcoin And Notices $3.32 Billion In Earnings For Q1 Alone

2022-04-23 16:12:23

Tesla revealed their first-quarter earnings report regarding 2022, and according to the numbers, the electric car manufacturer currently holds $1.26 billion in digital assets, ie bitcoin. Interestingly enough, Tesla hasn’t been involved in performing crypto transactions for an entire year now, or since the first quarter in 2021 when it made its last bitcoin purchase that was worth $1.5 billion .

According to the report, Tesla notices an increase in revenue of 81%, which equals to $18.76 billion, which is nearly double the $10.39 billion just one year prior. Moreover, the same goes for the earnings, where the company currently reports a whopping 658% increase or $3.32 billion in the first quarter, which is substantially more than the $438 million first-quarter earnings in 2021.

Naturally, the CEO and founder of Tesla, Elon Musk, is absolutely thrilled with the quarterly numbers, stating that he has “never been more optimistic and excited in terms of the future” than he is right now. A big advocate for cryptocurrencies, Elon Musk allowed customers to use dogecoin in order to purchase merchandise from the Tesla online stores.

Initially, the electric car company accepted bitcoin payments for both store merchandise and car purchases as well. However, after realizing the catastrophic impact that PoS bitcoin mining has on the environment, the CEO ordered for the project to be shut down, until further and more “greener” solutions emerge.

Nevertheless, Musk holds both bitcoin and doge, and even goes further to explain the difference between the two. Specifically, he believes that while bitcoin is more viable and better to store on the long run, dogecoin is far more suitable for payments and transactions.

Consequently, it is no wonder that Tesla currently hodls a rather respectable amount of $1.26 billion bitcoin, with Elon Musk himself admitting that he holds various digital assets, including bitcoin, ethereum and dogecoin, stating that he would never consider selling them.

 

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