Tesla and Elon Musk’s Didn’t Sell Their Bitcoin Holdings, and They Won’t

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In spite of its late concerns about Bitcoin’s environmental affect, Tesla Kept its holdings, and didn’t sell any more bitcoin (BTC, -2.03%). Elon Musk’s electric vehicle company said that they didn’t either bur nor sell any of digital assets. Based on its Q2 earnings presentation Monday. This company keeps $1.3 billion in bitcoin.

Tesla declared that they have purchased $1.5 billion worth of bitcoin in February. After this in Q1, the firm cut its bitcoin position by 10%. That was a sale that boosted Q1 earnings by $272 million. lately, Musk also announced that one of his privately-owned companies, SpaceX, holds bitcoin as well.

Tesla’s Share of Bitcoin Holding

Tesla reported a $23 million impairment on its bitcoin holdings. This is because for the reason that is considered a list of assets. which means that under Generally Accepted Accounting Principles its value gets to be recorded at the smallest price bitcoin hit in the quarter.

It was in May which Musk announced that Tesla would no longer accept bitcoin for its products.And they made this decision because of environmental concerns over bitcoin mining’s use of coal and other fossil fuels. At the beginning f this month, however, Musk said bitcoin’s environmental profile is getting better and that Tesla would probably resume accepting bitcoin for its payments.

Amazon Announcement

“The speculation that has ensued around our specific plans for cryptocurrencies is not true,”. That was a spokesperson idea.

Amazon has announced and flatly denied a British newspaper’s report that the e-commerce ghoul was planning to accept bitcoin (BTC, -3.52%) payments by the end of the year.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,”. “We remain focused on exploring what this could look like for customers shopping on Amazon.”

City A.M., which is distributed for free on the London Underground published a report, quoted a single, unnamed “insider”. Nevertheless, many quoted it as one reason for the bitcoin price’s bounce back after dropping under $30,000 last week.

After that Bloomberg reported Amazon’s reluctance about using Bitcoin , the price started retracing some of the day’s gains. On the financial data provider’s flagship terminal, but promptly signal-boosted by ZeroHedge. As the spokesperson’s comment offers, Amazon is testing the situation.

Last week the company said it was looking to hire a “digital currency and blockchain product lead.”

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