The prices of cryptocurrencies, including bitcoin (BTC), the leading cryptocurrency in the cryptocurrency markets, have shown high volatility in recent months for many reasons, especially due to the regulatory attitude towards cryptocurrency around the world. Despite the large sale of cryptocurrencies, Tesla is still on the rise compared to cryptocurrencies. Thus, recent movements in the cryptocurrency market have had a positive impact on companies worth $ 1 trillion.
After hitting an all-time high of $69,000 last November, the bitcoin price is still trading around $48,000, which is the lowest at $37,000 since 2022. This decline was gradual, partly after the US Federal Reserve and China announced the launch of their own digital currency, as well as the announcement by US President Joe Biden that he had begun coordinating government agencies regarding the regulatory framework for digital currencies.
The process of states against crypto money has suppressed the growth of many cryptocurrencies. The main reason for the decline of many cryptocurrencies, including bitcoin, is due to the fact that Elon Musk and the Tesla association from time to time refused to support bitcoin. So much so that Elon Musk was able to manage the cryptocurrency market for some time.
How many Bitcoins (BTC) does Tesla have?
Last year, Tesla announced that it had invested a total of $1.5 billion in bitcoin, and statements were made implying that it could buy and use cryptocurrencies as a long-term investment tool in the process. After this statement made in February 2021, no additional bitcoin purchases were made at Tesla. Tesla announced in its annual report for 2021 that it still has about $1.26 billion worth of cryptocurrencies and that it has lost $101 million in cryptocurrency investments.
Electric car maker Tesla, its leader, also reaffirmed its confidence in the long-term potential of digital assets both as an investment and as a liquid alternative to cash. However, the automaker said in a statement; warned that it may increase or decrease cryptocurrencies depending on business needs and market conditions. More than a month after the company’s announcement, Elon Musk announced on Twitter that he owns a portfolio of cryptocurrencies, such as Bitcoin, Ethereum or Doge, outside of his companies and will not sell it. “It’s often better for companies to own physical things like a house or stocks,” Elon Musk said.