Bitcoin Holdings: Tesla Digital Holding Remains Stable Q4 FY2021 Report
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Giant Electric Vehicle manufacturer Tesla recently published its Q4 and FY2021 financial statements, which highlighted its Bitcoin (BTC) holdings. The company’s unaudited balance sheet showed that its BTC holding was valued at $1.26 billion at the end of December last year, unchanged from Q3 2021.
The company’s statement of cash flows also revealed that it did not make any additional BTC purchases or sales in the last three quarters. Tesla only purchased $1.5 billion worth of BTC in Q1 2021 and made its only sale in the same quarter.
Although the company never officially disclosed how much Bitcoin it owns, Tesla CEO Elon Musk previously hinted that it was around 42K BTC.
Apart from adding BTC to its balance sheet, the EV manufacturer started accepting Bitcoin as payment for its products in March 2021. However, the company abruptly discontinued this practice in May that year citing environmental concerns.
That said, Musk later assured that Tesla would resume accepting BTC as payment when its miners can confirm clean energy usage for their operations. He noted: “When there’s confirmation of reasonable (~50%) clean energy usage by miners with the positive future trend, Tesla will resume allowing Bitcoin transactions.”
However, despite crossing this threshold, Tesla has not begun accepting BTC.
Key Bitcoin Levels to Watch — January 27
After regaining some bullish momentum on Monday, BTC hit a snag yesterday following hawkish statements and plans out of the highly-anticipated FOMC meeting. The benchmark cryptocurrency lost its bullish steam just under the $39K level, followed by a sharp retracement to the $36K support.
Interestingly, yesterday’s retrace coincided with a retest of the November 10 bearish trendline, indicating that this level holds significant relevance. That said, the flagship cryptocurrency appears to be holding up pretty well above the $36K support as many argue that it has reached its bottom already, while some plead the opposite.
Meanwhile, my resistance levels are at $37,500, $38,500, and $40,000, and my key support levels are at $36,000, $35,000, and $33,750.
Total Market Capitalization: $1.65 trillion
Bitcoin Market Capitalization: $691.4 billion
Bitcoin Dominance: 41.8%
Market Rank: #1
