According to a U.S. Security and Exchange Commission filing, Tesla made a $204 million loss in gross impairment in 2022 for its bitcoin holdings.
Tesla’s Bitcoin Investment and Trading Activities
Despite this loss, Tesla saw some profits from trading bitcoin, recording a $64 million profit from converting its bitcoin holdings to fiat currencies.
In early February 2021, Tesla purchased $1.5 billion worth of BTC and started accepting bitcoin payments in March of the same year.
However, in July, the car manufacturer announced a sale of 75% worth of bitcoin, attributed to the lockdown situation in China. Despite this, Tesla has stated that they have no hostile view against bitcoin and are “open to expanding bitcoin holdings in the future.”
During Q4 2022, Tesla held on to its remaining bitcoin stockpile, despite the huge sell-offs in the bear market, due to Elon Musk’s passion for cryptocurrency.
Elon Musk’s Influence on Crypto
Elon Musk has shown great influence in the crypto world as an avid enthusiast for cryptocurrencies, showing interest in both bitcoin and dogecoin. His influence has resulted in significant surges in cryptocurrency prices through social media, especially Twitter.
For example, a mid-last year tweet stating that Tesla wouldn’t accept BTC payments resulted in a Bitcoin price drop from $54,800 to $45,700.
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— Logll Tech News (@LogllNews) January 29, 2023
👉Full Story: Elon Musk's Historic Journey to Mars in 2024?https://t.co/qW8xGVniVm pic.twitter.com/3dNhkST60w
Recommended reading: 5 Tips for Beginner Bitcoin Traders
(Image credit: logll.com)
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Frequently Asked Questions
FAQ:
❓ How much BTC did Tesla purchase in early February 2021?
Tesla purchased $1.5 billion worth of BTC in early February 2021.
✔️ What was the value of Tesla's BTC holdings when they sold 75% in July 2021?
Tesla sold 75% of its BTC holdings in July 2021, when the value of the holdings was $64 million.
🚀 How much BTC did Tesla hold at the end of Q4 2021?
Tesla held on to its remaining BTC stockpile at the end of Q4 2021, despite the huge sell-offs in the bear market, due to Elon Musk's passion for cryptocurrency.
👉 What was the value of Tesla's BTC holdings at the time of the sale in July 2021?
The value of Tesla's BTC holdings at the time of the sale in July 2021 was $54,800.
🤠 How much BTC did Tesla hold at the end of Q4 2021?
Tesla held on to its remaining BTC stockpile at the end of Q4 2021, despite the huge sell-offs in the bear market, due to Elon Musk's passion for cryptocurrency.
😎 What is Elon Musk's influence in the crypto world?
Elon Musk has shown great influence in the crypto world as an avid enthusiast for cryptocurrencies, showing interest in both bitcoin and dogecoin. His influence has resulted in significant surges in cryptocurrency prices through social media, especially Twitter.
