CryptoWallCity vs MEXC Exchange

Tesla Claims: “Bitcoin Is an Alternative to Cash”

Tesla has had a rough ride from buying bitcoin, to accepting it as payment and then discarding it because of environmental concerns.

In a recent filing with the U.S. Securities and Exchange Commission (SEC), Tesla Inc. reiterated his pro-Bitcoin stance, saying that Bitcoin has “long-term potential” and is “a liquid alternative to cash.”

The filing also confirms that the electric carmaker has not sold any bitcoin since last quarter.

During the first quarter of 2021, Tesla invested a total of $1.5 billion in bitcoin. At the time, Tesla explained the investment would “provide us with more diversification and maximize return on cash without the need to maintain operational liquidity.”

Tesla also indicated its intention to accept bitcoin as a means of payment for goods and services in the future.

Then in the second quarter of 2021, Tesla sold 10% of its BTC holdings, but Elon Musk reassured investors, he wrote: “Tesla sold 10% of its holdings to prove its liquidity. account of Bitcoin as an alternative to keeping cash on the balance sheet.”

The application filed with the SEC mentioned that the above sale brought Tesla a profit of $ 128 million. However, on June 13, 2021, Musk suddenly announced that bitcoin needs to use more clean energy, thus removing the option of Bitcoin as payment until “50% of the energy to mine BTC arrives.” from clean energy”.

Recently, April 8, 2022 Tesla announced a partnership with BlockStream and Block, Tesla energy equipment that will be used for a $12 million bitcoin mining facility.