Head of Tesla Elon Musk has been known for his public support of cryptocurrency, and a new update from the automaker shows that they ended last year with nearly $2 billion in Bitcoin.
Tesla said on Monday it ended 2021 holding $1.99 billion in Bitcoin, after purchasing a total of $1.5 billion in the cryptocurrency throughout 2021, based on the company’s Form 10-K filing with the SEC on Friday, according to CNBC.
At the end of 2021, Bitcoin was up nearly 60 percent, with the currency worth $46,000 on December 31.
In July, Bitcoin dropped to as low as $30,000 as concerns of a regulatory crackdown in China grew, before reaching an all-time high of $68,000 in November.
McDonald’s Responds to Elon Musk’s Dogecoin Payments Request https://t.co/f3USUEEffe
— TeslaNorth.com (@RealTeslaNorth) January 26, 2022
Because Tesla doesn’t consider Bitcoin a mark-to-market asset, the earnings on the digital currency will only be impacted when the company buys or sells it.
As a result, drops in Bitcoin’s value won’t impact the automaker’s earnings in the coin unless it chooses to divest its holdings.
Musk said last year that Tesla may still accept cryptocurrency again in the future, several months before the company went on to accept a digital currency other than Bitcoin.
While you still can’t buy the company’s cars with it, it still currently lets users buy Tesla merch items in Dogecoin.
