Tesla Announces Not Selling Bitcoin During Q3 2021 Earnings – Elon Musk Predicts BTC Hits $69,000

Tesla Announces Not Selling Bitcoin During Q3 2021 Earnings – Elon Musk Predicts BTC Hits $69,000

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2021-10-23 01:32:09

Billionaire Elon Musk’s electric car maker Tesla (TSLA) has announced no new Bitcoin purchases or sales in the company’s Q3 2021 earnings report.

Tesla Announces Not Selling Bitcoin in Q3 2021 Earnings – Elon Musk Predicts BTC Reaching $69,000

Tesla charged a loss of $51 million in the third quarter to account for its Bitcoin holdings. According to Tesla’s Q3 earnings presentation, the company now owns $1.26 billion in Bitcoin. According to accounting rules for crypto-assets, if the asset’s price falls during the quarter, the company must issue a report for the discounts, but if the price increases, it is not listed as profit on the balance sheet. .

In February, Tesla announced that it had invested $1.5 billion in Bitcoin. Then in Q1, the company sold 10% of its BTC investment, adding to Tesla earnings for that quarter by $272 million. Tesla also did not buy or sell any Bitcoin in Q2 2021.

However, with the “galloping” Bitcoin trend in October, Tesla made $ 1 billion in profit from the initial Bitcoin investment. Overall, Tesla’s third-quarter earnings per share came in at $1.86 versus $1.62 expected. While revenue reached 13.76 billion USD compared to 14 billion USD as originally planned.

– See more: The billion dollar Bitcoin (BTC) investment of the big guys has all been x2

The good news is that although Tesla is making a significant profit, the company still has not made a move to take profits in Bitcoin. This shows that Elon Musk’s vision and faith in BTC is very large, compared to the current price of Bitcoin, it does not seem to be “satisfying” enough to make Tesla have to sell a huge amount of Bitcoin. his giant.

Also on the same day, Elon Musk posted on his personal page a provocative photo of his Bitcoin and Etherum (ETH) price prediction. It’s not known exactly if this will be the peak that the two biggest coins can reach in October or this year, but either case brings a certain amount of optimism to the entire market.

As soon as he made a prediction, the billionaire immediately gave another meaningful message. Perhaps he is referring to Bitcoin and cryptocurrency as one of the greatest inventions of mankind, the potential to go far in the future. Or it can be understood that Musk is referring to the exploration of Mars with SpaceX and Tesla’s electric vehicle products.

“This is the result of 4 billion years of successful evolution.”

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