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American electrical carmaker Tesla reported its second-quarter numbers on Wednesday, July 19. As it seems, Tesla’s digital asset holdings remained unchanged throughout the second quarter, which stands at $184 million as of the present market place.

Because of accounting rules that don’t permit unrealized positive factors on cryptocurrencies to be recorded, the worth of the holdings stayed the same throughout the quarter, regardless that the value of Bitcoin went up by roughly 7%.

Back in February 2021, Tesla reported buying a complete of $1.5 billion price of Bitcoins. However, it bought a big majority i.e. 75% of its holdings by the second quarter of 2022. This introduced down all the worth of digital property held by the corporate to $218 million.

In July 2022, Elon Musk, the CEO of Tesla, mentioned that the corporate may take into account growing its Bitcoin holdings sooner or later. However, in This autumn 2022, Tesla lowered its digital asset holdings from $218 million to $184 million, and it has maintained this degree since then.

Elon Musk on Bitcoin and Crypto

Over the previous few years, the world’s richest man has been fairly vocal over his assist for Bitcoin and different digital property available in the market. Apart from Bitcoin, Musk has been much more supportive of memcoin DOGE and believes it to be a greater crypto asset over Bitcoin, for each day monetary transactions.

Earlier this yr in May 2023, Elon Musk talked about sending Bitcoin to the moon, actually on a SpaceX flight, in the summertime of 2023. The particular Bitcoin accommodates 1 BTC, together with an engraved public handle and personal key. People can work together with it from Earth or in area by sending objects like Bitcoin Ordinals to the Moon. The package deal additionally consists of the bodily Bitcoin and the Genesis Block as a tribute to Satoshi’s protocol, displayed on a steel plate.

However, Elon Musk clarified that his assist for crypto shouldn’t be taken as recommendation to purchase. “I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” said Tesla and Twitter CEO.

Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is repeatedly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary abilities.

The offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.