Elon Musk Retains Tesla’s BTC Holdings for Fourth Consecutive Quarter

By Daisy On Jul 23, 2023

Tesla has retained its Bitcoin holdings for another quarter, without adding or subtracting tokens from its digital assets reserve for the fourth quarter in a row now. During its earning calls on Thursday, July 20, Tesla announced it has managed to retain Bitcoin with a net value of $184 million (roughly Rs. 1,509 crore). Bitcoin’s current price is hovering around the mark of $30,000 (roughly Rs. 24.6 lakh), The electric vehicle (EV)-maker has often engaged with cryptocurrencies but has lacked in crypto-related action so far.

Tesla has maintained its image as a diamond hand in Bitcoin holdings since June last year. Diamond hand investors wait patiently for the crypto tokens in their possession to at least reach their expected highest pricing, before considering if they wish to sell their tokens or not.

In the second quarter of last year, Tesla sold away 75 percent of its previous BTC holdings. The company had bought this bulk of over 30,000 BTC for $1.5 billion (roughly Rs. 12,307 crore) in 2021.

At the time of selling this load of BTC, however, Tesla had managed to earn $936 million (roughly Rs. 7,679 crore) in July last year, a CoinDesk report said, quoting Tesla’s earning release.

Bitcoin has been infamous for being energy intensive and detrimental to the ecosystem. In 2021, Tesla briefly started accepting BTC payments for select products and services, before Musk rolled back the feature owing to its energy-related concerns.

At the time, Musk had tweeted that Tesla would restart transactions in BTC once its mining became more energy efficient.

While Musk has stuck to his decision of halting all Bitcoin-related transactions, his recent tweets have pumped the billionaire’s favoured memecoin, the Dogecoin.

The Twitter-owner on Thursday, July 20, posted a meme inspired by the famous Scooby Doo cartoon dog, reportedly sending DOGE into a profit-making frenzy.

This sent the market cap of DOGE from $9.64 billion (roughly Rs. 79,096 crore) to $9.96 billion (roughly Rs. 81,721 crore).

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