Tesla Continues to Hold Bitcoin, Has No Dogecoin, But Retains DOGE-Only Payments

by | Feb 1, 2023 | Bitcoin, News | 0 comments

The fourth-quarter financial report from electric car maker Tesla reveals that the company’s Bitcoin holdings have remained unchanged and that its Dogecoin holdings are all still zero.

In an article, The Elon Musk-led company stated in the report that it did not buy or make Transactions in the fourth quarter despite a recent market drop. With this, Tesla demonstrates its power and its belief in the worth of Bitcoin, despite the fact that the company’s investment in the cryptocurrency is still losing revenue.

Also Read: Elon Musk Tesla holding $218 Million in BTC!

Tesla also announced that, subject to applicable rules and initially on a limited basis, it will begin taking bitcoin payments in exchange for its products. Tesla would be the first significant automaker to do so. Once Tesla begins taking bitcoin as payment, the $1.5 billion worth of bitcoin will provide it access to the cryptocurrency’s liquidity.

With its entrance into bitcoin, Tesla has committed a large portion of its capital to the investment. According to its most recent statement, the corporation has more over $19 billion in cash and cash equivalents on hand by the end of 2020.

Tesla sold 75% of its Bitcoin holdings for $936 million in the second quarter, which was the company’s most recent sell. As of December 31, Musk’s company had $184 million in Bitcoin (estimated at 9,720 BTC), down roughly $34 million from $218 million in the third quarter.

Dogecoin Isn’t Listed on Tesla’s Balance Sheet

However, Elon Musk’s preferred cryptocurrency is still not included in Tesla’s financial reports. There is not a single mention of the meme coin in the paper. Nevertheless, the DOGE community may at least take pride in the fact that the meme coin is still the only cryptocurrency that Tesla accepts as payment on its website.

The company also specifically says that DOGE is not allowed, even in the event of purchase cancellation. Every Dogecoin transaction is final. Dogecoin purchases are final and cannot be exchanged, canceled, or returned. Dogecoin transactions are final and cannot be swapped for cash or returned.

Tesla stopped using Bitcoin for all purchases in May 2021 as a result of mounting pressure from the ESG group over environmental issues. Later, in March 2022, Elon Musk announced that DOGE may be used to pay for Tesla goods.

Also Read: How Elon Musk decision of buying Twitter is going to affect “Dogecoin”?

But since then, things have changed. Michael Saylor of MicroStrategy established the Bitcoin Mining Council, and Musk declared that Tesla will resume processing Bitcoin payments if mining reached a 50% sustainability level.

This is something that the Bitcoin Mining Council has frequently said in its quarterly reports: bitcoin mining is increasing. One of the most environmentally sustainable enterprises in the world, Bitcoin mining has a 58.9% sustainable energy mix, according to the organization’s most recent Q4 report. It’s unclear how long DOGE will be the only cryptocurrency accepted for payments. We’ll have to wait and see if DOGE will continue to be the only cryptocurrency accepted for payment.

DOGE Price at Time of Writing

At the time of publication, the price of DOGE was $0.0858, maintaining essentially unchanged after seeing a 41% increase from December 30 to January 22, when it reached a local high of $0.0928.

What would happen if Elon Musk resumed his dogecoin shilling?

In the wake of aggressively pushing what he calls his favorite cryptocurrency, billionaire Elon Musk, Dogecoin has fallen far from its all-time high of $0.7. Even with the current bull feeling, the parody coin is still trending downward, but Musk might resume his extremely public support for Dogecoin at any point.

Elon Musk continues to have a significant impact on the Dogecoin ecosystem and, consequently, the value of the meme coin. The price of DOGE increased by nearly 150% in a matter of days only because Musk had acquired Twitter. But the billionaire hasn’t said much about cryptocurrency thus far.

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