The latest published financial report by Tesla showed that the company has been strongly holding Bitcoin on the balance sheet for the last 6 months.
Tesla is a popular electric vehicle manufacturer company owned by Elon Musk. Under the leadership of Musk, the Tesla company purchased $1.5 billion worth of Bitcoin in 2021 & months after started accepting payments in Bitcoin but a few months later the company revoked the Bitcoin payment option & also sold a large amount of Bitcoin.
On 25 Jan 2024, Tesla shared its Q4 2023 earnings report and confirmed that the company has been strongly holding its Bitcoin for the last 6 months.
As per the report, the company generated a revenue of $25.2 billion and an operating profit of $2.1 billion.
However, this is a very good sign for Bitcoin proponents to see that a top richest person in the world holding Bitcoin but still there are huge risks because Tesla may sell its Bitcoin holding in the bull run.
So far Tesla liquidated nearly 75% of its Bitcoin holdings between 2021 to 2023 and there are huge chances that Tesla may again plan to sell these holdings.
Bitcoin price action
The current trade price of Bitcoin (BTC) is $39,900 & this trade price is 17% higher over the last 3 months of trade price.
It is expected that the Bitcoin market will go through a very big bull phase somewhere in April of this year because of the Bitcoin halving event.
Currently, multiple Bitcoin spot ETF products are trading on the US based stock exchanges and it is expected that the inflow of money in the Bitcoin market will be very high over past pre-Bitcoin halving periods because the majority of the big players will try to make a big profit.
Some veteran Bitcoin traders believe that we will not see any bull run in the future because of Bitcoin spot ETF products, as there are huge chances that big players will manipulate the trade price of Bitcoin.
Read also: Veteran Bitcoin trader says Bitcoin may not crash below $30,000