SpaceX and Tesla CEO Elon Musk continues to be the subject of controversy and attention when it comes to the world of cryptocurrencies and Bitcoin (BTC). While the billionaire and avid Dogecoin (DOGE) supporter had previously announced that Bitcoin would be removed from Tesla due to its mining causing irreversible damage to the environment and ecosystem and because it consumes more energy than that of some nations, Elon has nevertheless stated that Tesla could add Bitcoin to its list of payment options once again provided that all of the aforementioned issues can be adequately solved first.
Now, Elon has revealed that his company does indeed hold Bitcoin, with the tokens held by Tesla being worth $1.47 billion in fact. Many in and out of the cryptocurrency community have heavily criticized the billionaire for his seemingly hypocritical stance, with some even going as far as claiming that the given reasons for Bitcoin mining harming the environment is just a cover-up for Elon’s real motivation behind his recent actions, and that is to manipulate the crypto market.
As always, Elon took to Twitter to tell everyone that Tesla is indeed holding Bitcoin, where he replied to a user by the name of Dave Lee that while the company does not have as much BTC as Dave calculated, the actual amount is nevertheless quite close. Tesla had thus disclosed a BTC bet worth $1.5 billion in its respective 10-K report, which had been issued on the 8th of this past February. The one who made the purchase was none other than the S&P 500 organization, which had helped BTC’s price to increase by approximately 57% in little more than a month.
Moreover, Tesla had managed to greatly increase its earnings for the year’s first quarter when it had earned a profit of $101 million back in April by taking some of the chips off of the table, which was a development that was meant to test the crypto’s liquidity. For 2021’s second quarter, however, as a result of a massive price crash, the company was forced to record a Bitcoin-oriented impairment loss of $23 million.
Elon still supports BTC
It had been during the recent ‘B Word’ event that Elon announced that apart from Tesla, SpaceX also went ahead and purchased some Bitcoin, though the actual amount has yet to be disclosed.
Elon himself holds BTC, DOGE, and even Ethereum (ETH). While he does not like to openly talk about how much he holds, he nevertheless did admit that the majority of his portfolio has been allocated for BTC.