For the fourth consecutive quarter, Tesla has not added to or subtracted from its reserve of digital assets, keeping its Bitcoin holdings constant. Tesla said on Thursday, July 20, during its earnings calls that it has kept Bitcoin with a net worth of $184 million (approximately Rs. 1,509 crore). The price of one bitcoin is currently hovering around $30,000 (approximately Rs. 24.6 lakh). Although the electric vehicle (EV)-maker has frequently interacted with cryptocurrencies, there hasn’t been much crypto-related activity so far.
Since June of last year, Tesla has continued to portray itself as holding a diamond hand in the Bitcoin market. Investors holding “diamond hands” wait patiently for the crypto tokens they own to at least reach their anticipated greatest price.
Tesla sold out 75% of its prior BTC holdings in the second quarter of last year. Over 30,000 BTC were purchased by the corporation in bulk for $1.5 billion (approximately Rs. 12,307 crore) in 2021.
Tesla had, however, managed to make $936 million (approximately Rs. 7,679 crore) in July of last year, according to a CoinDesk report that cited Tesla’s financial statement at the time of selling this load of BTC.
Bitcoin has a reputation for consuming a lot of energy and harming the ecology. Tesla briefly began accepting Bitcoin payments for a limited number of goods and services in 2021, but Musk later removed the feature due to concerns about the programme’s energy-related implications.
