In the first quarter of this year, Tesla, a major player in the electric car industry, announced that they hadn’t sold any of their Bitcoin holdings. They continued to possess 9,720 Bitcoins, which were then valued at approximately $711 million.
Q1 Earnings Call starting in ~10 mins
— Tesla (@Tesla) April 23, 2024
For the past seven consecutive quarters, Tesla has not sold any Bitcoin, indicating a persistent “HODLing” approach. Although there were no Bitcoin transactions made by Tesla during this period, the value of its Bitcoin holdings significantly increased when Bitcoin reached an all-time high of $73,250 in March.
Tesla’s choice not to sell its Bitcoin is similar to MicroStrategy’s approach under Michael Saylor’s leadership. Both companies have chosen not to sell their Bitcoins while continuing to purchase more. Recently, MicroStrategy bought an additional 9,245 Bitcoins, bringing their total holdings to 214,246 Bitcoins.
Tesla’s previous decision to offload 75% of its Bitcoins in 2022 stands in contrast to its more recent position. This new stance suggests that Tesla is optimistic about Bitcoin’s future value, possibly fueled by the recent halving event.
Tesla’s lack of Bitcoin sales doesn’t mean the company is idle, as the surging Bitcoin prices have boosted the worth of its Bitcoin holdings. Tesla’s partnership with MicroStrategy indicates a common conviction in Bitcoin’s long-term value, placing both businesses in advantageous positions to reap the rewards from potential future price escalation.
Read More
Sorry. No data so far.
2024-04-24 08:52