Tesla has sold no cars for bitcoin, potentially explaining their about face in suspending bitcoin payments less than two months after the company began accepting the cryptocurrency.
“During the three months ended March 31, 2021, we purchased and received $1.50 billion of bitcoin,” Tesla said in their latest filing.
They announced on February the 8th that they bought $1.5 billion worth of bitcoin. The sum remaining $1.5 billion at their latest filing therefore shows all the bitcoins they have were purchased, and none were received in payment for Tesla cars.
The reason may be because there isn’t much of an advantage in paying with bitcoin rather than deprecating fiat, except perhaps when a holder has decided to sell anyway. In which case they might save on conversion fees.
The lack of purchases however may in part explain Tesla’s decision to suddenly suspend bitcoin payments.
Elon Musk, Tesla’s CEO, citied environmental concerns to justify the decision, but bitcoin was using about the same amount of energy last month as this month.
So the real reason may be that there was no uptake, and thus perhaps they thought it useless to keep offering the option.