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Tesla by Elon Musk recently revealed that it is holding its assets, in particular it has not sold any part of its $711,050,000 Bitcoin (BTC) during the first quarter of 2024.
Let’s see below all the details.
Tesla keeps its assets in Bitcoin
As anticipated, Tesla, one of the main automotive and clean energy companies owned by Elon Musk, announced that it did not sell any part of its $711,050,000 in Bitcoin (BTC) in the first quarter of 2024.
According to its quarterly update, the company has not made any purchases or sales of Bitcoin. Furthermore, Tesla did not mention any Bitcoin trading activity in its latest earnings report.
Previously, it was known that Tesla held 9,720 BTC. This marks the seventh consecutive quarter in which Tesla has maintained its Bitcoin portfolio without changes.
During the first quarter of 2024, the value of Tesla’s Bitcoin has grown significantly, thanks in part to the approval of the Bitcoin Spot ETF.
In perspective, Tesla’s BTC reserve could continue to gain value in the weeks following the next halving event.
The last time Tesla reduced its holdings was in Q2 2022, when it liquidated 75% of its Bitcoin stock, equivalent to about $936 million.
At the same time, Tesla reported a decrease in revenue in the first quarter of 2024, recording a total turnover of 12.3 billion dollars, well below the estimated 21.4 billion dollars.
Furthermore, the free cash flow was negative for 2.5 billion dollars in the first quarter. These results come after a disappointing report for Q4 2023 and contribute to an overall less favorable picture for the company.
Despite falling short of revenue and profit expectations, Tesla’s stock rose 5% in after-hours trading following the release of the results.
At the market close, Tesla shares were trading at $144.61, down 13% in the last five days and 28% in the last month.
Elon Musk and Dogecoin: Tesla could accept the meme currency in the future
Elon Musk and Dogecoin have a long history. As we know, the founder of Tesla was one of the first to support and promote the original meme token.
Now that DOGE has consolidated its presence in the market, many wonder if Tesla will accept Dogecoin as a payment method.
During a recent visit to the Gigafactory in Berlin, Musk was asked if Tesla will start accepting the meme token.
Although he did not give a definitive answer, the founder of Tesla replied: “At some point, Tesla should allow it”, suggesting that the company could be open to the idea.
Dogecoin entered the market in 2013 as a playful token, inspired by the famous Shiba Inu dog meme.
In a short time, it has attracted global attention, especially after Musk declared it his favorite cryptocurrency on Twitter in 2019, causing the price of DOGE to skyrocket.
Returning to the interview in Berlin, Musk reaffirmed his support for Dogecoin with an enthusiastic “DOGE to the moon”.
Even though the meme coin has not yet reached its historical peak, Musk’s statements have reignited the debate among cryptocurrency enthusiasts.
Tesla has previously accepted Bitcoin as a payment method, but has discontinued this practice due to concerns about carbon emissions related to BTC mining.
Dogecoin, although based on a consensus model similar to Bitcoin, generates much lower emissions. This could make it a more environmentally friendly and secure alternative for Tesla compared to Bitcoin.
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