Tesla Q3 2023 Report Is Elon Musk Bullish on Bitcoin (BTC) Again

In Tesla’s most recent third-quarter earnings report, they revealed an interesting pattern – zero Bitcoin (BTC) sales for the third quarter in a row. This makes it the fifth consecutive quarter where Tesla has not sold any Bitcoin.

Do they know something we don’t? Hmm… you decide.

What Does The Q3 2023 Report Say?

According to the Q3 2023 report, as of September 30th, Tesla still had around 9,720 BTC, which is currently valued at roughly $275.6 million.

Interestingly, the Q3 report did not mention Bitcoin at all. This suggests that they didn’t convert any digital currency to traditional cash during the third quarter. If Tesla had made any significant moves, like selling off their Bitcoin holdings, it would have been a noteworthy event for their profitability and cash balance, which they typically disclose.

Tesla’s Journey Into Bitcoin

VIDEO: Tesla Q3 2023 Financial Results and Q&A Webcast (Full Audio)

To understand Tesla’s involvement with Bitcoin, we need to go back to early 2021. This is when the electric vehicle company, led by Elon Musk, made a substantial investment of $1.5 billion. They acquired 43,000 units of the top digital asset, with an average cost of approximately $34,000 per unit.

Tesla’s entry into the world of Bitcoin had a big impact. It was seen as a strong endorsement of Bitcoin’s potential as a store of value, and it led to a significant increase in Bitcoin’s price. However, it also raised concerns about the company’s exposure to the volatile nature of the cryptocurrency market.

What’s interesting is that this is when Tesla also started accepting Bitcoin as a form of payment for their electric cars and other products.

Also Read: Elon Musk’s Twitter Acquisition Under SEC Investigation

No Bitcoin Transactions

VIDEO: Elon Drops BOMBSHELLS On Tesla Q3 Earnings Call
Solving The Money Problem

In the previous quarter, Q2 2023, Tesla continued its streak of no Bitcoin transactions. This marked the fourth consecutive quarter with no Bitcoin purchases or sales. In the second quarter, Tesla made a surprising move by selling approximately $936 million worth of Bitcoin (almost 75% of their holdings) to bolster their finances. This reduced the value of their remaining digital assets to $218 million.

Since the price of Bitcoin remained stable at around $20,000 during the second and third quarters, Tesla didn’t need to account for any decreases in the value of their Bitcoin holdings.

Read More: Breaking News : Is Tesla Planning To Reintroduce Bitcoin Payments ? Here’s The Truth

Environmental Concerns Grow

Tesla’s decision to avoid Bitcoin sales aligns with their earlier choice to stop accepting Bitcoin payments for their electric vehicles due to environmental concerns. Despite this, the company remains committed to accumulating digital assets and exploring more eco-friendly methods for cryptocurrency transactions.

Tesla’s journey with Bitcoin continues to be a fascinating story to follow.

Flashback: Tesla’s Bitcoin Holdings Q2 2023 Report : Here’s What The Portfolio Looks Like

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.