In a week that has already seen the crypto market rocked by false reports of the launch of a Bitcoin spot ETF, Elon Musk and Tesla are preparing to cause a new shock wave. Today, the electric car giant is set to reveal its Bitcoin holdings in its income report for the third quarter of 2023, an event with profound implications for the world of digital assets.
You’re here Bitcoin The journey started with a bang two years ago when the company invested a billion and a half dollars in cryptocurrency and announced its intention to accept Bitcoin as payment for its vehicles, a move that significantly increased the market value of Bitcoin at the time.
Fast forward to the second quarter of 2023, Tesla revealed that it had neither bought nor sold Bitcoin, maintaining a consistent digital asset balance of $184 million.
It is important to note that the price of Bitcoin fell from around $30,600 to $28,500 during this period. Current accounting rules do not allow Tesla to recognize a profit as long as assets remain unsold. However, in the event of a sharp drop in Bitcoin prices, accounting rules would make it possible to reduce the valuation of these assets.
It’s worth noting that Tesla’s last Bitcoin transaction took place in the second quarter of the previous year, when the company offloaded over $30,000. BTC which equates to around 75% of his assets, for a whopping $936 million.
As the crypto community eagerly awaits the latest update on Tesla’s Bitcoin holdings, the entire industry is bracing for another major change, which could influence not only the valuation of Bitcoin, but also the sentiment surrounding digital assets in general.