Tesla Did Not Increase Bitcoin Holdings
Elon Musk had revealed last year during ‘The B Word’ conference that Tesla, the company which he runs as CEO, held bitcoin on its balance sheet. While most were not surprised, it was still a news-worthy revelation and was the subject of countless headlines. Musk had also revealed that the company had and would hold onto it.Related Reading | Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go
Since then though, it seems the company has stuck to its decision to not sell but it had not increased its holdings in the digital asset either. Financial reports from the company showed that Tesla did not purchase any new bitcoin in the last quarter of 2021.BTC trending higher post-crash | Source:It also did not record any impairments in the same time period as it did in the third quarter of the year where it was to report impairment of $51 million on its bitcoin holdings. The value of the investment had remained flat given that the value of BTC did not fluctuate much during this time. Its holdings sat at a value of $1.2 billion for the quarter, marking profits on the investments it had made earlier in the year.
Not Ruling Out Crypto Payments
When Tesla had announced it was stopping bitcoin payments, it had come with a clause that would see the company resume BTC payments. Musk, in a tweet, had explained that once bitcoin mining reached 50% renewable energy, then it would resume the payments.
Related Reading | Bitcoin Leverage: Lack Of Liquidations Could Indicate Another Wave Of Selling
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