Tesla pauses crypto activity

New information has revealed that Tesla may not have purchased any new cryptocurrency since 2021, according to the company’s earnings report filed on Wednesday.

Tesla was one of the companies that made the cryptocurrency bull run of early 2021 possible – or at least heavily contributed to it.

It had $1.26bn in crypto holdings over the first quarter, an amount that has not changed much by the fourth quarter of 2021.

The carmaker had several ideas on how to benefit from crypto, including launching Tesla car sales in bitcoin (BTC) but it backtracked after it was criticized over BTC’s negative environmental impacts.

Tesla did not move on BTC even after the currency began sliding consistently down, with the carmaker deeming its original $1.5bn investment sufficient for diversification purposes.

Tesla CEO Elon Musk is known as a bit of a firebrand who has endorsed various cryptocurrencies. In one tweet, he said that ethereum, shiba inu, dogecoin and BTC were the only digital tokens he would ever care for.

This instantly sent the prices slightly up in early April. Meanwhile, Musk has been known to get in trouble over his tweets.

The US Securities and Exchange Commission has looked into him for potentially influencing public opinion for his own gain. He jokingly backed doge which took on a life of its own with the token at one point reaching $0.73 driven by a quick influx of crypto funds.

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Source

Updated: 04/21/2022 — 08:00