Elon Musk has commented on how many bitcoins his electric car company owns in response to a rough estimate provided by Tesla shareholder Dave Lee. In this sense, Elon Musk hinted via twitter that he owns around 42K in Bitcoin.
In his calculation, Lee used $ 1.47 billion as the fair market value of all of Tesla’s bitcoin holdings, as shown on the company’s Form 10-Q filed with the U.S. Securities and Exchange Commission. (SEC). Tesla wrote:
“As of June 30, 2021, the book value of our digital assets held was $ 1.31 billion, reflecting accumulated impairments of $ 50 million. The fair market value of these digital assets held as of June 30, 2021 was $ 1.47 billion.
His estimate suggests that Tesla has 42,069 BTC. Musk later responded, “We don’t have that many bitcoins, but it’s close.”
Tesla’s purchase of Bitcoin
It is important to remember that Tesla bought $ 1.5 billion worth of bitcoins in the first quarter. The company also began accepting cryptocurrency as a means of payment in March, but stopped in May citing environmental concerns. However, Musk said at a recent bitcoin event, “The B Word,” that Tesla will likely resume accepting bitcoins.
During the development of this event, Musk said that his financial success is partly related to the performance of such digital currencies. And in the style of Musk, he put it in a way that could get the attention of regulators.
“If the price of Bitcoin goes down, I lose money,” Musk said. “I’ll be able to pump, but not discharge… I definitely don’t believe in raising the price and selling, or something like that. I would like bitcoin to be successful.
Will Tesla start accepting BTC payments again?
Musk said the company keeps Bitcoin on its books and will likely start accepting Bitcoin payments again when about half of the energy used to mine Bitcoin comes from clean sources like solar and wind power. Something that I had previously said on Twitter. (However, Musk is known for making promises and then backtracking.)
However, we must also remember that, at the end of the second quarter, the company reported its bitcoin holdings worth $ 1.311 billion after the impairments. In April, the electric car company’s stash of bitcoins was worth $ 2.5 billion.
Taking into account that Elon Musk hinted through Twitter about Bitcoin holdings, it can be highlighted along the same lines that Tesla not only owns Bitcoin. The businessman also revealed during the B Word event that his other company, Spacex also owns BTC. Also in their holdings are Ether and Dogecoin.
According to a list of bitcoin treasuries, the only public company that owns more bitcoins than Tesla is MicroStrategy. Led by pro-bitcoin Michael Saylor, MicroStrategy has made the accumulation of BTC one of its main goals. Currently, the company stores approximately 105,085 bitcoins.