• Tesla reported a $204 million loss from its bitcoin holdings in 2022 despite making a $64 million profit from trading activities.
• Tesla purchased $1.5 billion worth of BTC in early February 2021 and announced the sale of 75% worth of bitcoin in July last year due to the lockdown situation in China.
• Elon Musk has shown great influence in the crypto world as an avid enthusiast for cryptocurrencies, showing interest in bitcoin and dogecoin and causing significant surges with his tweets.
Tesla’s Loss From Bitcoin Holdings
According to a U.S. Security and Exchange Commission filing, Tesla made a $204 million loss in gross impairment in 2022 for its bitcoin holdings despite seeing some profits from trading bitcoin. The car manufacturer had purchased $1.5 billion worth of BTC in early February 2021 before announcing the sale of 75% worth of it due to the lockdown situation in China at that time. Despite this, Elon Musk assured that Tesla still holds no hostile view against bitcoin and is open to expanding its holdings further.
Profits From Crypto Trading Activities
Despite recording a $204 million loss, Tesla was able to make a $64 million profit from converging its bitcoin holdings into fiat currencies last year by Q4 2022 when Elon refused to liquidate the remaining stockpile and continued HODLing instead. This led to some net losses for Tesla which added up to around $140 million due to their crypto trading activities during the same period.
Elon Musk’s Influence on Crypto Prices
Elon Musk’s influence on cryptocurrency prices has been quite remarkable lately as he explores new social media payment methods with Dogecoin resulting in a 6% spike of its token price although yet unable to break through resistance levels significantly yet. His mid-last year tweet stating that Tesla would not accept BTC payments also resulted into a Bitcoin price drop from $54,800 -$45,700 within minutes after it was sent out into cyberspace.
Musk’s Passion For Cryptocurrency
It is evident that Elon Musk has taken quite an interest into cryptocurrency since his involvement with it began by becoming one of the most influential figures within this industry despite having no prior knowledge on how it worked initially but quickly adapting and learning how it works now seemingly like second nature being involved with such projects as Bitcoin, Dogecoin and others alike while also pushing forth new innovations such as allowing people to buy cars using cryptocurrency at certain locations etcetera doing what he can do help promote blockchain technology further..
Conclusion
Overall, Tesla recorded a major loss due to their investments into Bitcoin but were still able to gain some profits from converting them back into fiat currencies during their crypto trading activities later on throughout the year while also being heavily influenced by Elon Musk who himself has shown great passion for cryptocurrency being involved with various projects such as Bitcoin ad Dogecoin which have seen surges due largely because of him pushing them forward through social media platforms such as Twitter etcetera helping push forth blockchain technology even further than ever before now more than ever!