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Tesla set to reveal Bitcoin holdings in Q3 2023 report
© Reuters.
Tesla (NASDAQ:), the electric vehicle giant, is poised to disclose its holdings in the third quarter earnings report of 2023. This announcement comes amidst incorrect reports of a Bitcoin spot ETF launch and carries significant implications for digital assets and industry sentiment.
The company’s venture into Bitcoin started with a $1.5 billion investment and acceptance of the cryptocurrency as a form of payment for vehicles. This move notably enhanced Bitcoin’s market value. Despite the price drop from $30,600 to $28,500 in Q2 2023, Tesla sustained a steady digital asset balance of $184 million due to accounting regulations associated with cryptocurrency. These rules only recognize profit upon selling assets but permit reduced valuation during sharp price drops.
Tesla’s most recent Bitcoin transaction involved selling 30,000 BTC, which accounted for 75% of its holdings. This sale, which took place in Q2 of the previous year, amounted to $936 million. The crypto community awaits Tesla’s update with keen anticipation.
Meanwhile, Bitcoin continues to appeal to those seeking financial freedom due to its decentralized nature. Acquisition can be done via Apple (NASDAQ:) Pay, a service that enables contactless payments on Apple devices. The process necessitates an account on a cryptocurrency exchange that supports Apple Pay, such as BitPay, CoinGate, CEX.IO Binance, or Coinbase (NASDAQ:).
Identity verification is required, involving submission of personal details and a government-issued ID. The Apple Pay account must then be linked to the exchange. Purchasing Bitcoin entails navigating to the “Buy Bitcoin” page, inputting the desired Bitcoin amount, selecting Apple Pay as the payment method, and confirming the transaction via Apple Pay PIN or Face ID/Touch ID.
After the transaction is completed, the purchased Bitcoin is credited to the user’s exchange wallet. From this point, users can withdraw their Bitcoin to a personal wallet or directly use it for purchases. The convenience, security, and speed of transactions via Apple Pay make it a compelling option for Bitcoin purchases.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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