1. Tesla recorded a $204 million loss in gross impairment in 2022 for its bitcoin holdings, yet still made a $64 million profit from converting its bitcoin holdings to fiat currencies.
2. Tesla purchased $1.5 billion worth of BTC in early February 2021 and announced a sale in July of 75% of the BTC.
3. Elon Musk has shown great influence in the crypto world as an advocate for Dogecoin and other digital assets.
Tesla, the electric vehicle manufacturer, recently reported a $204 million loss in gross impairment for its bitcoin holdings in 2022, as reported by the United States Security and Exchange Commission. Despite this, Tesla still saw some profits from converting its bitcoin holdings to fiat currencies last year.
The company purchased $1.5 billion worth of BTC in early February 2021 and accepted bitcoin payments in March of the same year. In July of the same year, Tesla announced a sale of 75% worth of bitcoin, which was fostered by the lockdown situation in China at the time. CEO Elon Musk clarified that the company had no hostile view against bitcoin, and that they are open to expanding their bitcoin holdings in the future.
Despite the huge sell-offs in the bear market of 2022, Elon refused to liquidate the remaining bitcoin stockpile and continued to HODL. This speaks volumes to Elon’s passion for crypto and his influence on the market. A recent report from the Financial Times described Elon’s influence on Dogecoin’s price fluctuations as he explored new social media payment methods. His influence resulted in a 6% spike in DOGE token price but is still yet to break through the critical resistance.
Overall, Tesla’s bitcoin holdings have seen a net loss of $140 million in trading activities, yet the company continues to show its support for digital assets through its ongoing investment in the space. Elon Musk’s influence on the crypto market cannot be understated as his support for Dogecoin and other digital assets has had a tremendous impact on the prices of these tokens. As the crypto market continues to grow and evolve, Tesla and Elon Musk will remain major players in the space.