Are Elon Musk and Tesla Still Holding Their Bitcoins?
When asked whether Tesla and Elon Musk are still holding their Bitcoins, the CEO clarified that they aren’t. Last week, Tesla announced that they would no longer accept bitcoins for payment of their cars. The news sent Bitcoin to a three-month low below $43,000. Over the course of a 24-hour period, the price of bitcoin fell almost 10%. But Tesla said it’s still open to buying more bitcoins or selling its current stock.
According to the US Securities and Exchange Commission, Tesla bought $43,000 worth of bitcoin as of December 31. SpaceX has not yet confirmed or denied that it purchased the same amount of bitcoin. It’s unclear how many of these cryptocurrency coins they actually hold. But the company has said it will start accepting bitcoin payments for its products, subject to local laws. Initially, it’ll accept bitcoin only for a few selected models.
The tumultuous cryptocurrency market has been a boon to a number of companies including Tesla. Both companies have embraced cryptocurrencies in the past and have helped drive their prices up several times in the past year. This year, the CEO bought $1.5 billion worth of bitcoins, which is worth $2.5 billion. While critics questioned Musk’s decision to shift focus to dogecoin, Tesla has stated that it will begin accepting bitcoin payments for its products. It’s unclear how this will impact its ability to make future product decisions.