Tesla, the manufacturer of the world’s most popular electric cars, is yet to release its Q2 2021 earnings call report this Monday. Tesla plans to elucidate on its Bitcoin holdings in the upcoming financial results.. So the entire crypto industry is patiently waiting for the disclosure from Tesla’s position on its Bitcoin holdings in the second quarter.
Tesla and Bitcoin
The firm is planning to issue a brief advisory containing a link, which will be available on Tesla’s Investor Relations website. Further Tesla will discuss the company’s financial reports and the overall structure of its Q2 holdings in the webcast. More so, Tesla’s earnings balance sheet is covering up with more bitcoin (BTC) payments and transactions.
In June, the CEO of Tesla, Elon Musk announced that the company will reignite Bitcoin transactions after a thorough confirmation of the energy consumption. As the bitcoin miners save 50% of clean energy with a positive future trend, Tesla is waving the green light for BTC payments.
Earlier in February, Tesla revealed in an SEC meeting that it has bought $1.5 billion worth of Bitcoin. Along with this the company also accepts bitcoin payments in exchanges for its products. Thus, this initiative will provide Tesla to liquidate its assets in cryptocurrency after the official start of accepting crypto payments.
However, the crypto industry always has a great impact on the tweets and posts of Elon Musk. Thus the prices of the digital assets will either surge or drop. For instance, when Musk planned to accept BTC payments he just added the word “#bitcoin” in his twitter bio. This reflected an immense price rise for bitcoin nearly up-to $44,200. On the other hand, in Mid- May, Musk shared that Tesla suspends bitcoin payments for its electric cars. Due to more energy consumption for bitcoin mining and for the environmental costs, Tesla declines the BTC payments. This made the bitcoin price drop 10% within 24-hours.
Tesla’s Bitcoin Holdings
Moreover after a “Do or Die” situation whether to accept crypto payments or not, Musk smartly planned to test the crypto market. Notably, Tesla sold $272 million of its BTC in Q1 2021 to examine the liquidity of the crypto market. On this note, Bitcoin prices slowly started to drop. However, Musk immediately shared that it was just a test to inspect if the market is capable of holding these types of huge sales.
Recently, Musk participated in a popular “B Word” event which connects the concept to raise and embrace bitcoins. The major topics covered in the event were very supporting for the rise of BTC in the market. According to CoinMarketCap, the current price value of bitcoin is $38,800.23 USD. With a surge of 14.70% in the value at the time of writing.
Thus, Tesla again accepting Bitcoin as payment services has a huge power on the entire crypto industry. In specific Bitcoin (BTC) will surely reach its all time high by the end of 2021.
Recommended for You
