London, Tuesday, 8 February 2022
According to financial filings with the Securities and Exchange Commission (SEC) on Monday, Tesla possessed about $2 billion in Bitcoin at the end of last year.
"We invested a total of $1.5 billion in Bitcoin in the first quarter of 2021. We feel that digital assets have long-term potential as an investment and a liquid alternative to cash "According to the document,
"As of December 31, 2021, the fair market value of our Bitcoin holdings was $1.99 billion," it stated.
Elon Musk, the CEO of Tesla, stated early last year that the company has begun to take Bitcoin as a form of payment, but this option was removed in May due to environmental concerns.
Bitcoin, the world's most valuable cryptocurrency by market capitalization, finished 2021 with a gain of around 60%, trading just above $46,000 on December 31.
Although Bitcoin's price dipped below $30,000 on July 20, it reached an all-time high of $69,000 on November 10.
Despite a steep drop since then owing to excessive volatility, Bitcoin has just recovered and is now trading above $44,000 at 11:35 a.m. EDT.
After MicroStrategy, which owns Bitcoin, Tesla is the world's second-largest publicly traded corporation. Nearly 43,000 Bitcoin are thought to be held by the company.
(Reporting by: The Decision Maker – Technology editors)