Tesla has a $1.31 billion bitcoin stake. During the second quarter of the year, the company did not buy or sell any bitcoin.
According to Tesla’s second-quarter earnings release, this was the case. The company recorded a $23 million bitcoin-related impairment.
Tesla did neither acquire or sell bitcoin in the second quarter; the company’s unaudited Q2 statement of cash flows, the lone cryptocurrency acquisition was the $1.5 billion BTC buy in Q1.
Tesla Chief Executive Officer Elon Musk said in a tweet on June 13 that “Tesla just sold 10% of holdings to confirm BTC could be liquidated easily without impacting the market,” according to Bitcoin.com.
Musk’s previous assertions that Tesla would not sell its bitcoins were corroborated by Tesla’s financial results. Musk had previously stated that neither he nor Tesla had sold any Bitcoin.
In March, Tesla began accepting bitcoin as a form of payment but halted in May. Musk highlighted environmental concerns as the basis for the suspension, stating that Tesla will start taking bitcoin if miners confirmed that they were utilizing 50% clean energy.
Amazon, on the other hand, is examining the prospect of taking bitcoin as payment by the end of 2021, according to Bitcoin.com, and the corporation is also planning to introduce its token in 2022.
Recall that, According to Forbes, Bitcoin and the cryptocurrency market received a boost after Twitter TWTR +3% and Amazon AMZN +0.5% announced plans to take cryptocurrency seriously.
On Thursday, Twitter CEO Jack Dorsey stated that his company has a future with Bitcoin.
During Twitter’s second-quarter earnings call, Dorsey suggested that Bitcoin is the “best candidate” to become the internet’s “native currency”.
He went on to say that it could help the social media behemoth quickly expand its product line.