News - Tesla continues to believe in Bitcoin

By Luc Vesters

Tesla continues to believe in Bitcoin

Bitcoin (BTC)
Elon Musk

The automaker Tesla continues to maintain its Bitcoin-holdings hodling. This is evidenced by the report on the fourth quarter of 2023. The company of Elon Musk has a total of US$184 million in the cryptocurrency.

However, this is only a fraction of what was once on Tesla's books. In February 2021, the company invested nearly 1.5 billion in Bitcoin and briefly accepted BTC as a means of payment.

In mid-2022, the automaker converted 75 percent of its assets into cash to meet production bottlenecks in Asia.

This was followed by further sales in the fourth quarter of 2022, from US$218 million to US$184 million in Bitcoin.

Overall, Tesla did not meet the prediction of many analysts. The electric car manufacturer managed to increase its sales year-on-year by 3 percent. However, pre-tax profit fell 47 percent to US$2.1 billion. On the other hand, production costs rose 27 percent.

The negative numbers are also reflected in Tesla's share price. TSLA's share price has fallen nearly 8 percent in the past 24 hours.

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