Tesla’s BTC holdings value falls by two-thirds

Tesla was one of the first companies to adopt this initiative. $BTCwill be added to the balance sheet in 2021. However, the company has largely abandoned this effort, and its total assets have fallen by two-thirds. $BTC The price has increased by more than 30%.

During the same period, Tesla founder and leader Elon Musk went from being a frequent cryptocurrency promoter to someone who rarely mentioned or supported cryptocurrencies.

This drop in value occurred despite the fact that Musk had unprecedented access to the federal government in the early days of Donald Trump’s second administration through the so-called “DOGE” initiative.

The access also coincided with a period when the administration was rapidly shifting its regulatory stance to support its own vision of being a champion of the crypto industry, which has embraced President Trump.

In 2021 Tesla initially acquired 43,200 units $BTC He then announced, “We are planning to start accepting students.” $BTC as a payment method for our products. ”

Around the same time, Musk added “#bitcoin” to his Twitter profile, after which his assets briefly soared. He also appeared in an audio chat on the social media site Clubhouse and said he was an advocate. $BTC.

However, Musk’s Tesla did not maintain this hidden asset. $BTC indefinitely.

Less than two months after the acquisition, Musk explained on Twitter that Tesla “needed to initiate a sale to demonstrate liquidity.” $BTC Instead of holding cash on the balance sheet. ”

Two months after the first sale, Musk again announced on Twitter that Tesla would no longer accept sales. $BTC payment.

He cited “concerns about the rapidly increasing use of fossil fuels.” $BTC He added that Tesla would use it for trading again once “mining moves to more sustainable energy.”

After this, there was a relatively long hiatus (until mid-2022 to be exact) until Tesla sold 29,160 units. $BTConly 9,720 shares remain.

This amount remained stable for more than two years until the end of 2024 when it was revealed that the company had purchased an additional 1,789 units. $BTCthe total is 11,509.

However, since then, the value of Tesla’s holdings has continued to decline. $BTC I’ve been suffering.

The acquisition price was described as a “minor amount.”

Musk hasn’t completely moved away from Bitcoin.

Despite Tesla’s previous claim that “the use of fossil fuels is increasing rapidly, this is unacceptable.” $BTC “That is why Bitcoin is based on energy. It is possible to issue fake fiat currencies, and every government in history has done so, but it is impossible to fake energy,” he said last year, touting the asset.

$BTC Since Musk made this point, the stock has fallen more than 40%.

Broadly speaking, it’s not entirely clear what Musk or Tesla are thinking. $BTCWhether it is a strong substitute for fiat currency or a threat to the environment.