Tesla Holds $184 Million in Bitcoin
Tesla’s third-quarter financial statement reveals that the company has not sold any of its bitcoin. According to the most recent balance sheet, Tesla continues to hold bitcoin valued at $184 million. This is consistent with the previous three quarters, indicating that Tesla’s digital assets are mainly composed of bitcoin.
Tesla’s Q3 Earnings Report
Tesla released its third-quarter earnings results, reporting $23.35 billion in revenue and $1.85 billion in profits. While these figures represent declines compared to the previous quarter, Tesla’s balance sheet still shows a net digital asset value of $184 million.
Despite missing Wall Street expectations, Tesla’s digital assets remain unchanged. In Q1 2021, Tesla invested $1.5 billion in bitcoin but sold 75% of its holdings in Q2 2022 due to concerns about liquidity during the Covid-19 pandemic. However, Elon Musk stated that the company is open to increasing its bitcoin holdings in the future.
Tesla also accepts dogecoin for merchandise payments, but it only accounts for an insignificant portion of its digital assets.
Elon Musk’s Concerns about High Interest Rates
During Tesla’s Q3 earnings call, CEO Elon Musk expressed concerns about the high-interest rate environment and its impact on the auto industry’s profitability. Musk emphasized that for most car buyers, the monthly payment is crucial, and as interest rates rise, a larger portion of that payment goes towards interest.
“I am worried about the high interest rate environment that we’re in. I just can’t emphasize this enough that the vast majority of people buying a car is about the monthly payment.”
Musk explained that if interest rates continue to rise or remain high, it becomes increasingly difficult for people to afford buying a car.
Hot Take: Tesla Holds Firm on Bitcoin
Tesla’s third-quarter financial statement reveals that the company remains committed to holding its bitcoin investments. Despite declines in revenue and profits, Tesla’s balance sheet still shows a significant value of $184 million in bitcoin. This suggests that Tesla sees long-term potential in cryptocurrency and is willing to weather market fluctuations.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.