Tesla’s bitcoin assets (BTC) were barely floating amid the global crypto crash. Tesla bought BTC for about $ 35,000 in early 2021 for $ 1.5 billion. However, they sold 10 per cent, up from more than $ 270 million in the first quarter in April, when the BTC price was $ 55k. however, now that BTC has moved strongly closer to the $ 40k brand’s price, Tesla assets have returned to profits estimated to be closer to $ 1.47 billion after the filing of the 10-th quarter.
The high-yield price December was confirmed when Tesla CEO musk responded to a long-running $ TSLA investor tweet to estimate the current cost of ownership of Tesla BTC. The Tweet assessed $ 1.47 billion in assets, which Musk responded with in part participating in the analysis.
Not much bitcoin, but it’s close
– Elon musk (@elonmusk) July 28, 2021
Why is Tesla selling 10 percent BTC holdings?
Mask and Tesla’s relationship with BTC this year was like a roller coaster. Musk defended BTC’s liquidity when Tesla sold 10 percent of its BTC holding worth $ 1.5 billion, arguing that Tesla’s decision to sell a small portion of its BTC Portfolio should prove market liquidity and push Bitcoin instead of cash in terms of liquidity.
No, you won’t. I didn’t sell my bitcoin. Tesla sold 10% of its assets, in fact, to prove Bitcoin’s liquidity as an alternative to having cash on the balance sheet.
– Elon musk (@elonmusk) April 26, 2021
Dispute over Tesla’s BTC payments
After successive promotions, the mask sent a Tweet from BTC replacing the traditional currency Tesla announced it would accept BTC payments. The announcement was not unexpected; however, the May comeback came as a shock to the bitcoin community. Tesla, as an environmentally conscious organization, has stated that it cannot accept the high energy consumption of the BTC mining product.
A recent report by the Bitcoin Mining Council (BMC) showed that sustainable energy consumption has increased by nearly 56% thanks to Glo
