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

IT engineer Billy Markus is one of the two creators of the first meme coin, DOGE. The second cofounder is Jackson Palmer, and together they made and launched Dogecoin back in 2013 as a parody on Bitcoin. It happened four years after the launch of BTC by Satoshi Nakamoto and two years after Charlie Lee launched "digital silver" Litecoin.

Billy Markus is a lot more active on Twitter than Palmer and often comments on issues distantly related to cryptocurrencies. He is also an "online friend" of Elon Musk (as the Twitter boss publicly admitted once), which means they have never met in person, according to Markus. The DOGE co-founder provides various kinds of support to Musk and his projects.

Earlier today, he stated that he would invest a big sum of USD in Tesla stock if he had to spend it quickly. Markus did not mention investing in crypto, though. On Twitter, he goes by the alias "Shibetoshi Nakamoto."

Markus: I would spend $100,000 on Tesla stock

Verified Twitter user @dubzyxbt, who boasts over 105,000 followers, posted a tweet that can often be seen on social media in different variations: "If I sent you an x amount of USD/crypto, what would you do/buy with it?" He spoke about hypothetically sending $100,000.

Billy Markus responded that he would spend this money on Tesla stock.

tesla stock

— Shibetoshi Nakamoto (@BillyM2k) May 11, 2023

Markus's stance on crypto investment

This year, several times, Markus explained his take on crypto investment. The Dogecoin founder stated he had stopped investing in digital assets in 2013 (before the majority of cryptocurrencies were created, and even before Vitalik Buterin launched Ethereum).

Since then, Markus has only had some tips in crypto or has been selling his stash. In December 2022, he sold some of his Ethereum to pay taxes. Overall, according to Markus's earlier tweets, he believes investing in crypto to be nothing but gambling.

Once he even likened investing in cryptocurrencies to investing in mental illness. Per Markus, NFT investors are even more mentally ill than crypto investors.

Besides, according to one of his tweets, if Markus had to turn $1,000 into $100,000, he would buy neither meme coins (which are so very popular now, especially PEPE as of late) nor non-fungible tokens.

#DOGE #tesla #crypto2023

Billionaire Elon Musk’s Tesla and Twitter play a crucial role in the mass adoption of cryptocurrencies as a mainstream payment asset class. Tesla recently disclosed its Bitcoin holdings during its second-quarter report, which amount to $184 million in digital assets.

CryptosHeadlines.com has launched its own crypto store

CryptosHeadlines.com has unveiled its crypto store, Crypto Emporium, enabling users to buy and sell real-world products using the EMT Token, the platform’s native currency. Join the EMT token pre-sale now to secure early EMT Tokens. EMT Pre Sale Link: cryptosheadlines.shop

In the past, Elon Musk hinted at having the Bitcoin payments feature on Twitter, but there was no official confirmation of its launch.

The crypto community speculated that Tesla added a Bitcoin and Dogecoin payment feature to its website source code. However, it was discovered that the keywords already existed in the code. In January 2023, the automaker’s website had included the crypto payments feature on its page, though it didn’t materialize at that time. Nevertheless, this development raises hope that the Tesla Bitcoin and Tesla Dogecoin payment facility could be coming soon.

Elon Musk’s close association with the Dogecoin community, evident from his tweet mentions of the memecoin, makes it likely that Tesla and Twitter will integrate Dogecoin alongside Bitcoin in their first batch of cryptocurrencies when they launch.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptocurrencyNews #NFT #Web3 #Blockchain #tesla $BTC