• Sun. Apr 21st, 2024

Tesla Holds its Bitcoin Assets Steady Through Q4, Financials Reveal

Walter Swift

ByWalter Swift

Jan 26, 2024

Tesla Inc., led by Elon Musk, has revealed in its 2023 Q4 financial report a lack of Bitcoin transaction activities. This absence indicates that the electric vehicle giant has retained its Bitcoin holdings, maintaining a consistent stance in the crypto space.

Tesla’s Bitcoin Holding Firm Amid Market Fluctuations

Tesla, renowned for its innovative approach in both technology and investments, maintains a significant Bitcoin portfolio with 9,720 BTC. The absence of any Bitcoin transactions in their recent financial disclosures underlines the company’s enduring confidence in Bitcoin as a strategic asset.

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In the broader context of Tesla’s financial performance, the Q4 2023 report also sheds light on other key aspects. The company announced a revenue of $25.2 billion, a 3% year-on-year increase.

While its earnings per share of 71 cents didn’t quite meet analyst predictions, Tesla’s net income saw a remarkable rise, hitting $7.9 billion, a significant jump from $2.3 billion in the same quarter the previous year.

Tesla Expands into Dogecoin Payments Amid Crypto Market Challenges

Tesla has been attracting attention not just for its Bitcoin assets but also for its unique foray into Dogecoin, especially with the introduction of its “DOGE-Only Payment System.” This initiative, likely inspired by Elon Musk’s public endorsement of Dogecoin, represents more than just a payment option for merchandise.

A prominent figure in the Dogecoin community recently suggested that Tesla’s move into Dogecoin payments could have broader objectives. These might involve creating an in-house Dogecoin payment processor, equipping its customer service team with blockchain technology expertise, and addressing typical challenges associated with crypto payments.

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Further emphasizing Tesla’s involvement with cryptocurrencies, Elon Musk, in a recent conversation on a X Space, shared that he continues to hold a significant amount of Dogecoin, mirroring SpaceX’s Bitcoin holdings.

Despite this support, Dogecoin, like the rest of the crypto market, hasn’t been shielded from market fluctuations. The past week saw Dogecoin’s value drop by 3.6%, trading at approximately $0.07.

This decline in Dogecoin’s value mirrors the larger downward trend in the cryptocurrency market, primarily led by Bitcoin’s nearly 10% fall, bringing its price below $40,000.

Ripple CEO’s Dogecoin Remarks Spark Controversy in Crypto Community

Brad Garlinghouse, CEO of Ripple, has recently stirred up controversy with his comments about Dogecoin (DOGE) during a discussion on X. Garlinghouse drew a stark comparison between DOGE and the Zimbabwean dollar, implying that Dogecoin is closer to the latter in terms of utility, rather than being comparable to major currencies like the Euro or Japanese Yen.

This remark was a direct response to Billy Markus, co-founder of Dogecoin (also known as Shibetoshi Nakamoto), who had defended DOGE’s utility in a now-deleted X post.

Markus had argued that Dogecoin was essentially on par with Bitcoin, making analogies with the Euro and Yen to illustrate that diminishing one token does not elevate another. Garlinghouse’s comparison, however, didn’t sit well with many in the crypto community.

Several X users criticized him, with one advising him to refrain from commenting on other cryptocurrencies and another labeling him a “scammer” due to Ripple’s XRP stagnant price performance.

The debate escalated when Markus, in a deleted X post, derogatorily referred to Garlinghouse, accusing him of fabricating analogies to fit his narrative. He also criticized Garlinghouse’s previous statements, implying that they were attempts to appear more knowledgeable than he is.

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Walter Swift

Walter Swift

Walter Swift is an adept crypto writer, known for his deep insights into the decentralized world. His pieces artfully break down complex blockchain topics, making them accessible to a broad audience. With a passion for emerging technologies, Walter's articles are a beacon for crypto enthusiasts and novices alike.

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