Tesla Continues to Hold Its Bitcoins With Diamond Hands, In Q2

American electric carmaker Tesla reported its second-quarter numbers on Wednesday, July 19. As it turns out, Tesla’s digital asset holdings remained unchanged during the second quarter, which stands at $184 million as of the current market position.

Because of accounting regulations that don’t allow unrealized gains on cryptocurrencies to be recorded, the value of the holdings stayed the same during the quarter, even though the price of Bitcoin went up by approximately 7%.

Back in February 2021, Tesla reported purchasing a total of $1.5 billion worth of Bitcoins. However, it sold a large majority i.e. 75% of its holdings by the second quarter of 2022. This brought down the entire value of digital assets held by the company to $218 million.

In July 2022, Elon Musk, the CEO of Tesla, said that the company might consider increasing its Bitcoin holdings in the future. However, in Q4 2022, Tesla reduced its digital asset holdings from $218 million to $184 million, and it has maintained this level since then.

Elon Musk on Bitcoin and Crypto

Over the last few years, the world’s richest man has been quite vocal over his support for Bitcoin and other digital assets in the market. Apart from Bitcoin, Musk has been even more supportive of memcoin DOGE and believes it to be a better crypto asset over Bitcoin, for daily financial transactions.

Earlier this year in May 2023, Elon Musk talked about sending Bitcoin to the moon, literally on a SpaceX flight, in the summer of 2023. The special Bitcoin contains 1 BTC, along with an engraved public address and private key. People can interact with it from Earth or in space by sending items like Bitcoin Ordinals to the Moon. The package also includes the physical Bitcoin and the Genesis Block as a tribute to Satoshi’s protocol, displayed on a metal plate.

However, Elon Musk clarified that his support for crypto shouldn’t be taken as advice to buy. “I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” said Tesla and Twitter CEO.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.