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Tesla Q3 report: $1.26 billion in Bitcoin and crypto

Tesla report Q3


Tesla has published its Q3 report, showing that as of September 30 it held $1.26 billion in Bitcoin and crypto, $51 million less than the previous quarter. Meanwhile, CEO Elon Musk shares memes about BTC and ETH prices on Twitter.

Tesla Q3 report and Musk’s tweets

Tesla has published its report for Q3, the third quarter of 2021. Under “Digital Assets”, the dollar value held by the electric car company is $1.26 billion, compared to $1.311 billion in Q2 and Q1.

A total bitcoin and crypto-related devaluation of $51 million in a single quarter. Nothing to do with the overall balance sheet figures, which see Tesla reporting revenue of $13.757 billion, up 57% from Q3 2020. 

In this regard, the report quotes as follows:

“The third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit and gross profit”.

Despite this discrepancy between total revenue and the $51 million “loss” in crypto, Musk shows his continued support for the sector on Twitter, sharing memes about the price of BTC at $69K and ETH at $4.2.

Elon Musk’s Tesla and Michael Saylor’s MicroStrategy in comparison

Before Tesla, the software and intelligence company MicroStrategy also integrated Bitcoin as a store of value into its corporate assets.

The CEO Michael Saylor, employing an “accumulate and hold” strategy since August 2020, closed its Q3 2021 holding BTC worth over $6 billion.

Tesla and Microstrategy invested in crypto

 

Perhaps a different strategy was adopted by Musk who, in Q1 2021 alone, would have purchased BTC worth $1.5 billion and then sold $272 million worth of BTC.

Not only that, Musk who initially would have shown more interest in the crypto-meme par excellence Dogecoin (DOGE), seems to have then disclosed his stance towards the crypto queen, thanks also to the meeting with Twitter and Square CEO Jack Dorsey and Cathie Wood of ARK Invest.

Musk’s revelation as a general supporter of Bitcoin took place during a live video discussion in July 2021.

Elon Musk and his thoughts on crypto regulation

The world’s richest man Elon Musk, who, according to Bloomberg Billionaires Index data, recently surpassed Amazon’s Jeff Bezos with an estimated personal wealth of $249 billion, has also expressed his thoughts on crypto regulation.

A month ago, during an interview held at the Code Conference in Beverly Hills, California, Musk reportedly replied that governments should not do anything with cryptocurrencies.

Not only that, referring to China’s reinforced ban on crypto, Musk explicitly said that:

Cryptocurrency is fundamentally aimed at reducing the power of the Chinese government, and they don’t like that”.

He then added:

“It’s impossible to destroy crypto”.

 






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