The fact that Tesla, which announced its earnings report yesterday and did not sell Bitcoins, had Bitcoin and Dogecoin options in the source code related to payments caused excitement in the cryptocurrency world. There has been no information about the two options available in the source code since January yet.

It drew attention that one of the largest electric vehicle manufacturers in the world, Tesla, also has Bitcoin and Dogecoin in the source code related to payments.

The emergence of this situation “Will Tesla start selling vehicles with crypto money again?” while causing questions to be asked, it appears that the two options have been written in the code since January.

he was suspended in 2021

The presence of Bitcoin and Dogecoin phrases in the source code there since January of this year has also made cryptocurrency investors hopeful. For this reason, the codes may have been added later and such a study may have been initiated. Apparently, there is no “don't forget the code” situation here. Because Tesla had already suspended vehicle sales with Bitcoin in May of 2021. This policy of the company had lasted only 3 months.

Musk announced in February 2021 that Tesla had started selling vehicles with Bitcoin. Tesla suspended this situation in May, citing the fact that the source of energy spent in mining was fossil fuels.

Elon Musk later announced that Tesla would start selling vehicles with Bitcoin if Bitcoin mining was done with more than 50 percent clean energy. Jul. Although this threshold has been exceeded, there has not been a step in this direction from Musk yet. #tesla #dogecoin #BTC #ETH #memecoins

Tesla, the renowned electric vehicle manufacturer, has once again held steadfast to its substantial Bitcoin holdings for the fifth consecutive quarter, according to its Q3 2023 financial report released on October 18. The report provides insights into the company's cryptocurrency portfolio and its investments in artificial intelligence (AI) initiatives.

Bitcoin Holdings Remain Unchanged
As of September 30, Tesla's balance sheet showed digital assets worth $184 million, a segment of the $1.5 billion worth of Bitcoin the company initially purchased in March 2021. Notably, Tesla refrained from making any new Bitcoin acquisitions or divestments during the third quarter. This stance is in line with its previous approach since the substantial sell-off of over 30,000 BTC in Q2 2022, where Tesla garnered $936 million but also reduced its Bitcoin holdings by approximately 75%.

AI Computing Power Gets a Major Boost
In a pivot towards artificial intelligence, Tesla reported that it had significantly increased its computing power during Q3 2023. The company stated that it had "more than doubled the size" of its computing capacity, attributing this expansion to the growing training data set and a strategic shift in the training of its humanoid robot, Optimus. This change involved transitioning from traditional coded software to AI-based methodologies.
Tesla's official statement on this development was, "We have commissioned one of the world’s largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2."
Earnings Report and Wall Street Estimates
In its Q3 report, Tesla announced total revenues of $23.35 billion. While this figure represented a nearly 9% increase from the previous year, it fell slightly short of the $24.38 billion estimate provided by Zacks Investment Research. Despite missing Wall Street's revenue projection, Tesla's commitment to both its cryptocurrency portfolio and the advancement of AI technology remains evident.

Conclusion
Tesla's decision to maintain its Bitcoin holdings and simultaneously invest in AI computing power reflects the company's dynamic approach to capital allocation and technological innovation. As it continues to navigate the cryptocurrency landscape and expand its capabilities in artificial intelligence, Tesla's strategic moves in Q3 2023 are worth monitoring, not only for the impact on its own operations but also for the broader implications these decisions may have in the electric vehicle and tech industries.
#bitcoin #tesla #btc