Tesla Inc announced on Monday the fair market price of the electric-vehicle maker’s bitcoin ownership as of Dec. 31 was $1.99 billion.
In its annual filing with the U.S. Securities and Exchange Commission, Tesla, which had financed $1.50 billion in bitcoin last year, declared it registered about $101 million in damage losses last year due to the price of bitcoin. A drop in the value of bitcoin emerged in the firm recording losses, as the price of its holdings fell.
Tesla had moreover briefly approved the cryptocurrency as an expense for sales of certain products. Regardless, Tesla Chief Executive Officer Elon Musk ceased accepting the digital currency, citing environmental problems around the mining of bitcoin.
The company announced that it earned $128 million on sales of bitcoin after trading a portion of its holdings in March.
Musk thereafter announced that Tesla will continue accepting BTC when bitcoin miners can verify clean energy usage. “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions,” he announced. However, Tesla still has not continued accepting bitcoin.
However, Tesla is currently approving the meme cryptocurrency dogecoin (DOGE) for some merchandise. Musk, also recognized in the crypto community as the Dogefather, has been a longtime proponent of dogecoin.
