Bitcoin

Dogecoin

Elon Musk

In the latest financial disclosures from Tesla Inc., the Elon Musk-helmed electric vehicle giant, there’s a notable absence of any Bitcoin transaction activities. This silence in their <a href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q4-2023-Update.pdf" target="_blank" rel="noopener nofollow">2023 Q4 report</a> suggests that Tesla has maintained its position in the crypto space, holding onto its Bitcoin. 
Notably, Tesla’s decision not to buy or sell Bitcoin during the fourth quarter of last year coincides with the uptrend experienced by the crypto market. 
<h2 id="musk-s-tesla-holds-steady-on-bitcoin">Musk’s Tesla Holds Steady On Bitcoin</h2> 
Tesla, recognized for its “forward-thinking” approach to technology and investment, holds <a href="https://bitcointreasuries.net/" target="_blank" rel="noopener nofollow">9,720 BTC</a>. By not reporting BTC-related transactions, the company signals its continued confidence in Bitcoin as an investment. 
This steadiness is noteworthy, considering the market’s volatility over the past months. Tesla’s decision to hold onto its BTC reserves suggests a strategic “long-term vision” for its cryptocurrency investment, aligning with its reputation as a leader in the technology space. 
It is worth noting that the absence of Bitcoin transactions in Tesla’s 2023 Q4 report comes amid a broader financial picture for the company. In the same quarter, Tesla reported a revenue of $25.2 billion, marking a 3% increase year-on-year. 
Although its earnings per share of 71 cents fell slightly short of <a href="https://www.reuters.com/business/autos-transportation/tesla-gross-margin-falls-fourth-quarter-2024-01-24/" target="_blank" rel="noopener nofollow">analysts’ expectations</a>, the company’s net income showed substantial growth, <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;ved=2ahUKEwiRp6C47PiDAxVjWEEAHfmyDJQQFnoECA4QAw&amp;url=https%3A%2F%2Fwww.innovestx.co.th%2Fdocs%2Fdefault-source%2Fearning-brief%2Ftesla2024_report.pdf%3Fsfvrsn%3D8f80d8e4_1%26download%3Dtrue%23%3A~%3Atext%3DIn%2520Q4%252D2022%252C%2520the%2520net%2Ca%2520YoY%2520growth%2520of%2520115%2525.%26text%3Dreport%2520mentions%2520that%2520the%2520growth%2Cthe%2520Automotive%2520business%2520in%25202024.&amp;usg=AOvVaw05mOCGcvW6OwOj0j-Fdd1d&amp;opi=89978449" target="_blank" rel="noopener nofollow">reaching $7.9 billion</a> compared to $2.3 billion in the same quarter in 2022. 
<h2 id="tesla-s-dogecoin-adventure">Tesla’s Dogecoin Adventure</h2> 
In addition to its Bitcoin holdings, Tesla has made headlines with its dedicated <a href="https://bitcoinist.com/tesla-dogecoin-payments-cybertruck/" target="_blank" rel="noopener ">“DOGE-Only Payment System.”</a> This move, likely influenced by Elon Musk’s <a href="https://bitcoinist.com/dogecoin-tesla-ceo-elon-musk/" target="_blank" rel="noopener ">vocal support for Dogecoin</a>, goes beyond mere “merchandise payments.” 
A member of the Dogecoin community recently <a href="https://x.com/Dogecoin_Wins/status/1742436294175736312?s=20" target="_blank" rel="noopener nofollow">speculated</a> that <a href="https://bitcoinist.com/dogecoin-payments-elon-musk-tesla/" target="_blank" rel="noopener ">Tesla’s venture into Dogecoin payments serves multiple purposes</a>. These include developing a native Dogecoin payment processor, training its customer service team in blockchain technology, and identifying common issues with crypto payments. 
<blockquote class="twitter-tweet"> 
 If I had to guess why the merch product mix is reduced to almost nothing now, it would be that the entire purpose of the ‘Doge for Tesla merch’ rollout was to: 
 1) Build a native Doge payment processor 2) Train a Customer Service team up specifically in blockchain tech 3) Learn… 
 — Doge Will Win (@Dogecoin_Wins) <a href="https://twitter.com/Dogecoin_Wins/status/1742436294175736312?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 3, 2024</a>
</blockquote> 
Meanwhile, During a recent discussion on X Space, Elon Musk confirmed that he still <a href="https://bitcoinist.com/dogecoin-tesla-ceo-elon-musk/" target="_blank" rel="noopener ">possesses a “bunch of Dogecoin.”</a> However, regardless of Musk’s continued support for DOGE, the crypto has not been immune to the prevailing market conditions. In the past week, Dogecoin has experienced a 3.6% decrease, currently trading at around $0.07. 
<blockquote class="twitter-tweet"> 
 “I still own bunch of Dogecoin and SpaceX owns bunch of Bitcoin” 
 – Elon Musk in a X Space <a href="https://t.co/FeRqzzgdN1" target="_blank" rel="noopener nofollow">pic.twitter.com/FeRqzzgdN1</a> 
 — DogeDesigner (@cb_doge) <a href="https://twitter.com/cb_doge/status/1745227019456323846?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 10, 2024</a>
</blockquote> 
This downturn in Dogecoin’s value reflects the broader negative trend in the crypto market, primarily led by Bitcoin. Over the same period, BTC has seen a significant drop of nearly 10%, with its current trading price below $40,000. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/MNT6ut7v/" alt="Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com" width="2770" height="1556"> 
Featured image from Unsplash, Chart from TradingView

Tesla Holds Steady On Bitcoin: Q4 Earnings Reveal Unchanged Crypto Stance

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Bitcoinist

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