Crypto News

Tesla Didn’t Sell BTC During Q1 of 2023

During the first quarter of 2023, Tesla did not purchase or sell any Bitcoin. The company currently holds 11,950 BTC, equating to approximately $345 million. This marks the third consecutive quarter where the EV manufacturer has not sold or bought any BTC following its last major transaction in Q2, 2022, when it sold 75% of its total stash to cope with rising production costs. Elon Musk, the CEO of Tesla, recently assured that he had not sold his crypto holdings, and in addition to Bitcoin, he has invested in Ethereum (ETH) and Dogecoin (DOGE). Tesla had been heavily involved in the cryptocurrency industry since the beginning of 2021 when it made a $1.5 billion purchase of BTC, further inflating the asset’s valuation to a new all-time high above $42,000. However, Tesla discontinued the option for customers to purchase vehicles with BTC in May 2021, citing high energy consumption. Musk said the option could be brought back if 50% of Bitcoin mining is powered by renewable energy, a benchmark that a recent study showed the industry has already surpassed with over 52% coming from renewable sources.

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