Tesla holds over $2B in BTC, an SEC filing confirms
Tesla, a pioneering automobile firm headed by "the Dogefather" Elon Musk, claimed in a recent filing to the SEC that the firm holds around $2 billion in Bitcoin (BTC). The "fair market value" that the firm holds, by the end of December 31, 2021, is $1.99, revealed the firm to the United States Securities and Exchange Commission.
Tesla holding BTC
The filing to the SEC said that Tesla has actively invested in the world's biggest cryptocurrency in early 2021. Moreover, the firm had also sold a portion of its Bitcoin holdings in March 2021 and made a profit worth $128 million. The filing also added the following:In the first quarter of 2021, we invested an aggregate $1.50 billion in bitcoin. We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash."However, the firm had also suffered from impairment loss, i.e., the loss which happens when a person holds an asset and its value drop when related to fiat. "Gains are presented net of impairment losses in restructuring and other in the consolidated statement of operations. As of December 31, 2021, the carrying value of our digital assets held was $1.26 billion, which reflects cumulative impairments of $101 million," said the filing.
Elon Musk supporting Dogecoin
Elon Musk's Tesla holds Bitcoin, but the CEO believes that Dogecoin is better for payments than the world's biggest cryptocurrency. In his interview for TIME's Person of the Year, Musk said that "even though it's created as a silly joke, dogecoin is better suited for transactions."Moreover, recently Tesla also accepted Dogecoin for payments for merchandise, following which the token went up by 15%. The popularity of Dogecoin as 'People's currency' surged to new highs after the Dogecoin Foundation revealed a new roadmap for the project. The rival meme coin, Shiba Inu, has also aimed to dethrone DOGE.
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