Tesla said they believe in the potential of digital assets
The company published a report announcing its cryptocurrency holdings worth $1,26 billion
03.05.2022 - 10:35
549
2 min
0
What’s new? Tesla has submitted its 2022 first quarter earnings report to the US Securities and Exchange Commission (SEC). It says the company believes “in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash.” According to the document, Tesla has cryptocurrency holdings totaling $1,26 billion.
What else does the report say? The company tested payments using Dogecoin in January 2022 and also added the ability to pay for accessories with the meme cryptocurrency, but there is no revenue line item from DOGE in the quarterly report.
“We may increase or decrease our holdings of digital assets at any time based on the needs of the business and our view of market and environmental conditions,” the document says.
What happened before? In February 2021, Tesla announced a $1,5 billion bitcoin purchase. In March, the company authorized the purchase of electric cars for cryptocurrency, but Tesla sold some of its BTC in the same month.
In May 2021, Tesla CEO Elon Musk suspended buying cars for the first cryptocurrency because of the “increasing use of fossil fuels for bitcoin mining.” However, he later noted that “bitcoin is moving towards renewable energy”. If the percentage of renewable energy is at or above 50%, the company would accept payments in BTC again, Musk said.
Useful material?
Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024