Tesla has the second consecutive quarter of keeping its Bitcoin investment unchanged

Electric vehicle maker Tesla did not buy or sell any new Bitcoins in the fourth quarter of 2022, according to its latest financial report.

Tesla has the second consecutive quarter of keeping its Bitcoin investment unchanged

The fourth quarter financial report of 2022 shows that Tesla company is still holding $184 million worth of Bitcoin, down from $218 million at the end of the third quarter but the reason is because of the BTC price in the last three months of 2022. has declined severely.

This is the second quarter in a row that Tesla has not “disturbed” the amount of BTC invested by the company in February 2021, when they spent $1.5 billion to buy BTC and accept payments in the form of Bitcoin according to the directed by CEO Elon Musk. However, the billionaire’s stance has since changed as he no longer believes in Bitcoin’s potential, claiming it is a waste of energy and inconsistent with the electric car company’s operating philosophy. With a buy price of Bitcoin in the range of $33,000 – $38,000, Tesla is still losing money on his BTC investment.

By the second quarter of 2022, Tesla announced that it had liquidated 75% of its Bitcoin investment, equivalent to more than $936 million in order to increase the amount of cash to help keep the company afloat.

Since then, Elon Musk and Tesla have switched to backing Dogecoin (DOGE) and accepting it as payment in lieu of BTC.

Tesla’s TSLA stock price in recent months has been heavily affected both from the decline of US stocks because of the Fed’s continuous rate hikes, but also from the pessimism of investors when seeing Elon. Musk spends too much time on the new company he acquired, the social network Twitter and the surrounding controversy.

Meanwhile, organizations that also invest and receive Bitcoin in 2021 such as the MicroStrategy fund or the country of El Salvador have all made moves to return to the market after many months of “hibernation”.

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