Tesla sells most of its bitcoin holdings in Q2 2022
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Answer Tesla sells most of its bitcoin holdings in Q2 2022
According to Tesla’s Q2 2022 earnings report released Tuesday, the automaker has sold nearly all of its bitcoin and converted it into fiat currency.
The sale of the company generated an additional $936 million in cash for its balance sheet.
As stated in the reportAs of the second quarter of 2022, Tesla has converted nearly 75% of its bitcoin purchases into fiat currency.
It was stated in the report:
Transfers (from bitcoin to fiat) in the second quarter added $936 million in cash to our balance sheet.
The company initially bought $1.5 billion worth of bitcoin in February 2021, adding momentum to an already bull market.Read:Bitcoin price rises above $16,700 and sets a new record
But then the company stopped accepting bitcoin for car purchases in May last year due to environmental concerns surrounding bitcoin mining.
The company’s CEO, Elon Musk, has since expressed a stronger admiration for Dogecoin, which he considers better for transactions.
Musk confirmed last July that he personally owns a mix of Bitcoin, Ethereum, and Dogecoin.
He told the CEO that Tesla may resume accepting bitcoin again if it can confirm that the mining industry is moving toward renewable energy.
The Bitcoin Mining Council report for the second quarter of 2022 found that 59.5% of the mining industry is powered by sustainable energy, which is the fifth consecutive quarter in which this number has exceeded 50%.Read:Coinbase freezes hiring and cancels accepted job offers…Details here
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