Earlier this week, on Wednesday, January 26th, Tesla released its Q4 and FY2021 financial statements, revealing its unaudited balance sheet to the public. According to the sheet, Elon Musk’s electric car company still holds Bitcoin, indicating that it did not sell it in Q4 despite the bearish market. The amount is equal to $1.26 billion, meaning that it is unchanged from the Q3 financial report.
Tesla dropped BTC payments but kept the coins it bought
In early 2021, Tesla announced that it would start accepting Bitcoin payments for its popular electric cars. In February 2021, the company also made headlines by announcing the purchase of $1.5 billion in Bitcoin, but the situation took a turn in May of the same year when Bitcoin payments were discontinued due to the coin’s negative impact on the environment.
Following the statement, Bitcoin’s price crashed–and then recovered towards the end of the year–before the bear market brought it down once again. According to the company’s financial statements, Tesla has not made any new purchases or sales of digital assets in the last three quarters. Tesla has never officially disclosed how much BTC it holds, although its CEO, Elon Musk, hinted that the amount is roughly 42,000 BTC.
Tesla is still accepting Dogecoin
Although Tesla has discontinued accepting Bitcoin payments, Musk has noted that the company will start accepting them again when the miners can confirm that at least 50% of the energy used for mining BTC is clean. So far, the company has not brought back BTC payments, but it has started accepting Dogecoin (DOGE) payments for some of its merchandise.
Musk has been a long-time supporter of the so-called memecoin, which was created as a joke in 2013. His support for the coin, accompanied by the community’s efforts, allowed DOGE to skyrocket last year and reach an all-time high. For now, Musk’s support of the altcoin continues. He recently tried to convince McDonald’s to start accepting DOGE payments. The Tesla CEO offered to eat a happy meal on television in exchange for McDonald’s accepting Dogecoin. However, his plan failed as McDonald’s replied that they will start accepting DOGE if Tesla starts accepting grimacecoin.