InstaForex

October 26, 2021

Tesla Has Good News For Bitcoin (BTC) Investors!

 Electric car manufacturing company Tesla is likely to re-support payments in cryptocurrencies based on a third-quarter report filed for the U.S. Securities and Exchange Commission (SEC) recently.


The report revealed that for the 9 -month period ending September 30, Tesla had made Bitcoin (BTC) purchases worth around $ 1.5 billion.


As of the end of March, the firm had accepted BTC as a payment medium for some of their products in some counties.


However, the method had to be blocked in May 2021 following the issue of increased fossil fuel consumption as a result of Bitcoin mining.



The report also highlights the long -term potential of digital assets as investment assets and can be liquidated into cash.


At the time of this writing, Tesla has about 43,200 BTC worth $ 2.7 billion. Despite having sold 10% of its bitcoin holdings, the firm still reaped nearly $ 1.3 billion in unrealized profit.


Tesla is also the second largest corporate investor in Bitcoin (BTC) after MicroStrategy which owns around 114,000 BTC worth about $ 7.4 billion.


While Square owns 8,000 BTC, it becomes the third largest firm after Tesla.