Tesla’s Bitcoin Holdings Stand at $184 Million
Tesla, Elon Musk’s electric car company, released its fourth quarter 2023 earnings on Wednesday, showing net digital assets of $184 million on its balance sheet. Tesla has held this amount of digital assets since the fourth quarter of 2022.
Tesla previously explained that its digital assets were made up almost entirely of bitcoin (BTC), noting that while the company accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, the amount of dogecoin it has accumulated is very small.
Musk acknowledged during the earnings call that “there’s going to be bumps along the way” for Tesla, but he insisted:
Long term, I am convinced that Tesla will be the most valuable company on earth.
Tesla invested $1.5 billion in BTC in Q1 2021 but sold 75% of its holdings in Q2 2022. Musk explained at the time that the company is “certainly open” to increasing its bitcoin holdings in the future, noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
The billionaire also recently disclosed that another of his companies, Spacex, also holds “a bunch of bitcoin.” Moreover, Musk himself owns “a bunch of” dogecoin alongside bitcoin and ether (ETH). While Musk and his companies hold cryptocurrencies, he recently said that he doesn’t spend a lot of time thinking about crypto. He also said in November last year that none of his companies will ever create a crypto token.
The Tesla boss is currently building his social media platform X into what he envisions as a “powerful” financial platform. He aims for users to conduct all their financial activities on X, potentially eliminating the need for traditional bank accounts. X has secured 12 money transmitter licenses across the U.S.
Source:news.bitcoin.com
