Ongoing news of Elon Musk Company, Tesla represents the balance sheet of Tesla Company. It shows the net digital assets of $184 million. Also, the company revealed its Bitcoin holdings in the market valuing $745 million whereas the company has 11509 Bitcoins. The value of per Bitcoin is $64735.
The company comprehends its previous holdings in Bitcoin. Tesla entered the market with $1.5 billion Bitcoin with a quantity of approximately 43000 in quarter 1 of 2021. However, Tesla sold 75% of its holdings excluding 4320 Bitcoins in quarter 2 of 2022. The net digital assets of $184 million existed in quarter 4 of 2022 and since then stable to quarter 1 of 2024.
Tesla also engaged in Dogecoin (DOGE), a meme cryptocurrency for acknowledged commodities. However, Tesla holds the least number of DOGEs. Despite the fact of holding Crypto, Elon Musk stated in November 2023 that his company will never be involved in creating a Crypto Token.
Besides Tesla, Elon Musk's other company, SpaceX has a definite holding in Bitcoin. He also affirmed his attentiveness to being involved in meme Cryptocurrency and holdings in cryptocurrency in the future. He speaks on Cryptocurrency in a discussion clearly expressing his interest in Crypto Market by owning a bunch of Dogecoin. In June 2022 a piece of news came across, revealing that he will keep buying and supporting the Dogecoin.
The CEO of Tesla company, Elon Musk once tweeted about Cryptocurrency in 2023 on Twitter and it lifted huge rise and fall in the Crypto Market. He once tweeted his favorite cryptocurrency that is, Dogecoin. The coin increased by 800% after the tweet.
Besides this, he also tweeted about Bitcoin, Ethereum, and many others. This brings significant ups and downs in the crypto market. However, he uses simple and humorous words to interact with the followers.
Elon Musk also Tweeted about Tesla for not exchanging Bitcoin as a payment for its automobiles as it uses high energy which is unsafe for the environment and drastically affects nature. After this, the Bitcoin market falls by more than 10%.
According to Coin Gabbar analysis, Crypto Market has a huge impact due to Elon Musk’s Tesla and other companies. There are pros and cons to the price of Cryptocurrency even for the common buyer in the market due to Tesla holdings. Tesla owns a giant number of Bitcoins which simultaneously impacts the cryptocurrency market. Not only Tesla but other companies of Elon Musk too, holds a great quantity of Ethereum, Dogecoin, etc. This impacts the market whenever the company shows interest or disinterest in any Cryptocurrency. Hence, this brings variations in the price of Cryptocurrency.
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