Reports indicate that the renowned company Tesla continues to hold approximately $184 million worth of Bitcoin in its digital wallet as of the second quarter of the year. Despite Bitcoin’s price rising by about 7% during the same period, the value of the holdings remained unchanged due to accounting rules that prevent recording unrealized gains on cryptocurrencies.
In the second quarter of 2022, Tesla sold approximately 75% of its Bitcoin holdings, reducing the total to $218 million in digital assets on its balance sheet. However, CEO Elon Musk expressed the company’s readiness to increase its Bitcoin holdings in the future, emphasizing that this move does not constitute a final verdict on Bitcoin.
It’s worth noting that Musk has shown a preference for Dogecoin, even changing Twitter’s logo to that of Dogecoin in April. In June 2022, an investor named Keith Johnson filed a lawsuit against Musk, alleging his involvement in a pyramid scheme designed to manipulate the price of Dogecoin. Nevertheless, Musk’s lawyers have stated that the lawsuit does not contain any legal violations concerning support for digital assets.
During the “CEO Council Summit” held in May, Musk broke his silence on cryptocurrencies, advising against anyone buying cryptocurrencies or risking everything on Dogecoin.