Tesla Maintains Bitcoin Holdings in Q4 2023
According to reports, Tesla did not buy or sell any Bitcoin in the last quarter of 2023. This means that the company, led by Elon Musk, has maintained its holdings of over $387 million worth of BTC. As a result, Tesla remains the third-largest publicly traded holder of Bitcoin, behind MicroStrategy and Marathon.
Tesla’s Long-Term Faith in Bitcoin
This is not the first time Tesla has held onto its Bitcoin holdings. The company previously revealed that it did not part ways with its BTC in Q3 2023, Q2 2023, and Q1 2023. Despite market fluctuations and corporate dynamics, Tesla continues to demonstrate its lasting faith in the digital asset.
Tesla’s History with Bitcoin Investments
In February 2021, Tesla invested $1.5 billion in Bitcoin and acquired approximately 43,000 BTC. At that time, Elon Musk announced that customers could purchase Tesla cars using Bitcoin as a form of payment. However, in May 2021, due to concerns about energy consumption for Bitcoin mining, Tesla suspended BTC payments.
By Q2 2022, Tesla had sold 75% of its Bitcoin holdings. In 2023, the company refrained from making any BTC transactions and continued to hold onto its position as a BTC holder.
Bitcoin Price Fluctuations in January 2024
In January 2024, Bitcoin has experienced price fluctuations. It reached a monthly peak of nearly $47,500 on January 11th after the approval of Bitcoin Spot ETFs in the USA. However, the price started a bearish trend and hit a monthly low of $38,550. Currently, BTC is valued at $40,000, down 7% from last month and 6% from a week ago.
Hot Take: Tesla Remains Committed to Bitcoin Despite Market Volatility
Tesla’s decision to hold onto its Bitcoin holdings in Q4 2023 reinforces its long-term commitment to the digital asset. Despite the ups and downs of the market, Tesla continues to believe in the potential of Bitcoin. This strategic move not only solidifies Tesla’s position as a major BTC holder but also reflects its confidence in the future of cryptocurrencies.
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