🚀Tesla Keeps Holding $184M Worth of Digital Assets on Its Balance Sheet
🚀Tesla remains committed to holding digital assets, even as the price of bitcoin has fallen sharply in recent months. In its second-quarter earnings report, Tesla said that it still held $184 million worth of digital assets, including bitcoin and ethereum. This is down from $232 million worth of digital assets that Tesla held at the end of the first quarter.
🚀Tesla's decision to hold onto its digital assets comes despite the fact that the price of bitcoin has fallen by more than 50% since the beginning of the year. In June, bitcoin fell below $18,000, its lowest level since December 2020.
🚀Tesla CEO Elon Musk has said that he believes in the long-term potential of digital assets, and that he sees them as a store of value. "I think bitcoin is on the verge of starting to scale," Musk said in an interview with Bloomberg in June. "It is a good store of value, and I think it is going to be a very important asset class in the future."
🚀Tesla's decision to hold onto its digital assets is a vote of confidence in the future of the cryptocurrency market. It remains to be seen whether Tesla's gamble will pay off, but it is clear that the company is still bullish on digital assets.
Short story on Elon Musk Tesla with $BTC
🚀Tesla first invested in bitcoin in February 2021, when it bought $1.5 billion worth of the cryptocurrency.
🚀In April 2021, Tesla began accepting bitcoin as payment for its electric cars.
🚀In May 2021, Tesla sold 10% of its bitcoin holdings, generating $272 million in cash.
🚀Tesla's decision to sell bitcoin was met with criticism from some investors, who argued that the company should have held onto its holdings.
🚀Tesla's CEO Elon Musk has defended the company's decision to sell bitcoin, saying that it was necessary to ensure that Tesla had enough cash on hand to meet its financial obligations.
🚀Musk has also said that Tesla is still committed to digital assets, and that the company may buy more bitcoin in the future.
🚀The future of Tesla's digital asset holdings remains uncertain. However, the company's decision to hold onto its holdings in the face of a bear market is a sign that Tesla is still bullish on the long-term potential of cryptocurrencies.