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The electric vehicle giant Tesla did not buy or sell any BTC during the first quarter of 2023. 
The company&#8217;s last transaction was in Q2, 2022, when it sold 75% of its BTC holdings to cope with rising production costs. 
<h2 id="span-data-preserver-spaces-true-no-changes-in-q1-span">No Changes in Q1</h2>
The EV manufacturer, led by Elon Musk, <a class="editor-rtfLink" href="https://tesla-cdn.thron.com/static/ZXSBN8_TSLA_Q1_2023_Update_ABMJPG.pdf?xseo=&amp;response-content-disposition=inline%3Bfilename%3D%22e826b065-cc14-467c-8c9c-e1feb7189ba8.pdf%22" target="_blank" rel="noopener" data-wpel-link="external">announced</a> it had kept its Bitcoin possessions untouched during the first three months of the year. The company continues to hold 11,950 BTC, equivalent to approximately $345 million.
This is the third consecutive quarter where Tesla has not sold or bought any BTC. Its latest major transaction in the crypto scene <a class="editor-rtfLink" href="https://cryptopotato.com/tesla-sold-936-million-of-its-bitcoin-holdings-in-q2/" target="_blank" rel="noopener" data-wpel-link="internal">occurred</a> in Q2, 2022, when it parted with $936 million worth of the leading digital asset (75% of its total stash).
Musk <a class="editor-rtfLink" href="https://cryptopotato.com/elon-musk-reveals-the-reason-why-tesla-sold-75-of-its-bitcoin/" target="_blank" rel="noopener" data-wpel-link="internal">explained</a> that the move was vital due to Tesla&#8217;s record production costs in China which spiked to unseen levels due to another COVID-19 lockdown that hampered the local economy. He said the nearly $1 billion generated from the sale helped the company meet its unpredicted expenses.
Contrary to his firm&#8217;s choice, Musk assured he had not sold his crypto holdings. Apart from Bitcoin, he has invested in Ethereum (ETH) and Dogecoin (DOGE). The memecoin is actually his favorite digital asset, <a class="editor-rtfLink" href="https://cryptopotato.com/elon-musk-argues-dogecoin-better-suited-for-payments-than-bitcoin/" target="_blank" rel="noopener" data-wpel-link="internal">arguing</a> it is better suited for transactions and settlements than BTC.
<h2 id="span-data-preserver-spaces-true-tesla-and-bitcoin-span">Tesla and Bitcoin</h2>
The tech behemoth has been deeply involved with the industry since the beginning of 2021, when it <a class="editor-rtfLink" href="https://cryptopotato.com/breaking-tesla-bought-1-5-billion-of-bitcoin-btc-skyrockets-to-new-ath/" target="_blank" rel="noopener" data-wpel-link="internal">bought</a> a whopping $1.5 billion worth of BTC. The purchase added momentum to an already heated bull market, pushing the asset&#8217;s valuation to a new all-time high above $42,000. 
Tesla doubled down a few months later, <a class="editor-rtfLink" href="https://cryptopotato.com/tesla-starts-accepting-bitcoin-payments-btc-price-spikes-1000-immediately/" target="_blank" rel="noopener" data-wpel-link="internal">allowing</a> customers to buy company vehicles in BTC instead of fiat currency, triggering another price increase.
The honeymoon between the two ended in May 2021 when Tesla <a class="editor-rtfLink" href="https://cryptopotato.com/tesla-stops-accepting-bitcoin-price-slumps-3000-in-response/" target="_blank" rel="noopener" data-wpel-link="internal">suspended</a> the payment method, citing the high energy consumption of the network. BTC tumbled from $55K to $52K in a matter of minutes after the disclosure.
Musk, on the other hand, said his company could bring back the option once there&#8217;s evidence that at least 50% of Bitcoin mining is powered by renewable energy. A recent research <a class="editor-rtfLink" href="https://batcoinz.com/bitcoin-by-energy-source/" target="_blank" rel="noopener" data-wpel-link="external">estimated</a> the process has already moved in that direction, with over 52% of the energy coming from renewable sources. 
The post <a href="https://cryptopotato.com/tesla-didnt-sell-btc-during-q1-of-2023/" rel="nofollow">Tesla Didn&#8217;t Sell BTC During Q1 of 2023</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Tesla Didn’t Sell BTC During Q1 of 2023

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