The prices of cryptocurrencies, including Bitcoin (BTC), the leading cryptocurrency in the crypto money markets, have witnessed high volatility in the past months for many reasons, especially the crypto money regulatory attitudes around the world. Despite a large cryptocurrency sale, Tesla is still among those on the rise compared to cryptocurrencies. Therefore, recently, $1 trillion companies have been positively impacted by the movements in the cryptocurrency market.
After hitting an all-time high of $69,000 in November last year, Bitcoin price continues to trade around $37K-high of $48,000 since 2022. This decline has been gradual, in part after the US Federal Reserve and China’s announcements about launching their own digital currency, and US President Joe Biden’s announcement that he has begun coordinating government agencies on a regulatory framework for digital currencies.
The process of states against crypto money has suppressed the rise of many cryptocurrencies. The main reason for the decline of many cryptocurrencies, including Bitcoin, is the fact that Elon Musk and the Tesla association have withdrawn their support for Bitcoin from time to time. So much so that Elon Musk was able to direct the crypto market for a while.
How much Bitcoin (BTC) does Tesla have?
Last year, Tesla announced that it invested a total of $1.5 billion in Bitcoin, implying that it could make purchases in the process and use cryptocurrencies as a long-term investment tool. After this statement made in February 2021, no additional Bitcoin purchases were made at Tesla. Tesla announced in its 2021 annual report that it still has approximately $1.26 billion worth of cryptocurrencies and has lost $101 million in crypto investments.
Electric vehicle maker Tesla, its leader, also reiterated its confidence in the long-term potential of digital assets as both an investment and a liquid alternative to cash. However, the automaker said in a statement; warned that it can increase or decrease cryptocurrencies according to business needs and market conditions. More than a month after the company was announced, Elon Musk said on Twitter that he owns a portfolio of cryptocurrencies such as Bitcoin, Ethereum or Doge outside of his companies and will not sell it. “Often it’s better for companies to own physical things like a house or stock,” said Elon Musk.
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