Bitcoin News

Elon Musk Hints at Tesla’s Bitcoin Holdings in Twitter Exchange

Elon Musk Hints at Tesla's Bitcoin Holdings in Twitter Exchange

In February, Tesla revealed that it had invested $1.5 billion in Bitcoins (approximately Rs. 11,000 crores).

How many Bitcoins Does Tesla Hold?

After a Twitter user published an approximate estimate of Tesla’s holdings, Elon Musk hinted at how many Bitcoins the company holds. Tesla should be holding 42,069 Bitcoins, according to Dave Lee (@heydave7), who stated in his Twitter handle bio that he has been investing in the electric automaker since 2012 and that the whole holding may be worth $1.47 billion (roughly Rs. 10,935 crores). Lee calculated the fair market value of the company’s “digital assets” as stated in a US Securities and Exchange Commission (SEC) filing. In response to Lee, Musk noted that Tesla does not hold many Bitcoins, “but it is close.”

Musk Endorses Tesla More

Lee utilised the value of Bitcoin on June 30 — the date Tesla mentioned in its SEC filing — in his computations. On that particular day, the average price of Bitcoin was about $35,000 (roughly Rs. 25 lakhs). Tesla said the fair market value of “such digital assets held as of June 30, 2021, was $1.47 billion.” It did not, however, state that the digital assets were Bitcoins. At the time of writing, the Bitcoin price in India was at Rs. 29.6 lakhs.

Since Musk first backed the world’s largest cryptocurrency before supporting Dogecoin, a meme-based currency established mainly to poke fun at Bitcoin, there has been considerable conjecture over how extensive Tesla’s exposure to Bitcoins or any other cryptocurrency is. He has endorsed Bitcoin once more and environmentalists’ worries over its usage of fossil fuels for mining.

SpaceX Holds Bitcoins

Tesla stated in February that it will spend $1.5 billion (approximately Rs. 11,000 crores) in Bitcoin and would accept the cryptocurrency as payment for its electric automobiles. Three months later, Musk reversed his decision.

Musk stated that he and his privately held aerospace corporation SpaceX also own Bitcoin during a recent virtual conference. He did not, however, reveal the value of SpaceX’s Bitcoin investment.

The 50-year-old business magnate also said that he had invested in Ethereum, the second most popular cryptocurrency. MicroStrategy, a business analytics firm, is the only public corporation that owns more Bitcoin than Tesla, according to a list of Bitcoin treasuries.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.