The journey of Elon Musk and crypto has been pretty interesting to say the least. From the business mogul acquiring billions of worth of Bitcoin couple of years ago to being a sole reason for majority of Dogecoin’s price variations in recent times; Elon Musk in news is kind of proportional to the coins that he advocates.
Having said that, Elon Musk’s Tesla, have made no changes in its Bitcoin holdings since the last quarter. The Bitcoin valuation that has been held on Tesla’s balance sheet remained unchanged from the previous quarter as it stood at $184 million. The Q1 earnings report that was shared by the electric car maker, showed that there has been to buying or selling of the crypto asset.
The valuation of the digital assets held by Elon Musk’s company remained flat even as Bitcoin (BTC) rose to about $28,500 by the end of the first quarter from its previous valuation of $16,500 a couple of months earlier, as the recent accounting rules does not allow such gains to be booked.
Read more: Dogecoin Price Prediction
Tesla Q1 Earnings Call and Q&A → https://t.co/THWUwxgvYT
— Tesla (@Tesla) April 18, 2023
This will be the third quarter, in a row, that Tesla has made no changes to the amount of Bitcoin it held. As per FactSet, during the first quarter, Tesla has reported to have adjusted their earnings per share; or EPS of 85 cents versus to that of the estimate of the consensus analyst of 85 cents.
Note: While the Q1 earnings report of Tesla noted the EPS amount, it also revealed that there has been a slight dip in its sales, as the total income came in at $23.33 billion as compared to the previously estimated amount of $23.39 billion.
Back in June 2022, the electric car maker, Tesla sold a huge percentage of its Bitcoin holdings; which was around 75% and converted the digital asset into fiat. This added a total of $936 million to Teslas’s cash reserves.
Additional read: Bitcoin Price Prediction
Other Bitcoin News:
After having a slow year in 2022, the largest crypto asset by market cap, Bitcoin has has an amazing 2023 so far! The OG crypto asset has gained a whopping 83% in value since the start of 2023. In its weekly report, on April 17, 2023, the popular on-chain analytical service provider, Glassnode said that, ” The strong market performance in 2023 is a stark contrast to 2022, and suggests a favorable regime shift is underway.”
#Bitcoin’s quarter-on-quarter (QoQ) growth of 72.4% makes it the best-performing asset during the period. #stablecoins #gold #nasdaq https://t.co/0SHQyszA0a
— Bitcoin News (@BTCTN) April 20, 2023
Source: CoinDesk
