Tesla unveiled its financial performance for the fourth quarter of 2023 in a report that disclosed a total revenue of $25.2 billion and an operating profit of $2.1 billion. Notably, the automotive giant maintained a static stance in the realm of Bitcoin, refraining from any buying or selling activities during Q4. This marks six consecutive quarters where its BTC positions have remained at 9,720 BTC, a status unchanged since the last quarter, ending on September 30, 2023.
The previous quarterly report, Q3 2023, had already revealed Tesla’s Bitcoin inactivity for the fifth successive quarter. This extended period of non-engagement has prompted speculation about the firm’s strategic outlook for the digital asset. Despite Elon Musk’s announcement that it would resume Bitcoin payments once mining achieved approximately 50% sustainability, the recent disclosure by Bloomberg indicates that sustainable usage has surpassed this threshold. The question now arises: When will Tesla reinstate BTC payments?
Critics in the crypto sphere express skepticism, asserting that “Tesla remains Turbo Bearish on Bitcoin by showing they are happy with their -75% reduced position.”
The firm’s persistent reluctance to engage in Bitcoin transactions has fueled discussions about the company’s underlying strategy. One plausible explanation is that Tesla perceives Bitcoin not merely as a speculative trading asset but as a long-term store of value. The steadfast approach adopted by the company could be interpreted as a cautious measure, prioritizing stability and risk management in the volatile cryptocurrency market.
Tesla: Bitcoin and Dogecoin Unveiled in Source Code
Surprisingly, despite CEO Elon Musk never confirming the inclusion of Bitcoin and Dogecoin in Tesla’s payment options, evidence suggests that both cryptocurrencies were embedded in the payment source code for a considerable duration. Even when the automotive giant temporarily suspended Bitcoin payments, the code supporting these cryptocurrencies remained intact.
The disclosure has ignited discussions among cryptocurrency enthusiasts and within the Tesla community. There is speculation that the firm could potentially reintroduce payments using cryptocurrencies, given the growing fascination with and acceptance of digital assets. Whether this signifies a strategic move by the firm to capitalize on the ongoing crypto boom remains uncertain, and only time will reveal the true intentions behind Tesla’s approach to digital currencies.