Tesla retains the reserves of the company’s Bitcoin balance after it announced to devote most of its corporate resources to the inception and flourishing AI projects. For the quarter ended September 30, 2023, the corporation recorded USD184 million in digital assets that were reportedly made up completely or mostly of Bitcoin (BTC). However, due to past sales and price fluctuations, this sum indicates a long-term drop compared to Tesla’s holdings for the three prior quarters. Nevertheless, the managers and executives are intent on seeing that Tesla maintains bitcoin holdings.
This data is sent according to the Q3 2023 deck of shareholders that was released by Tesla on October 18. Since Bitcoin was not included or mentioned in the quarterly report, it can be assumed that the company did not engage in any purchase or sale of the same during the three months ending in September.
Tesla first spent USD1.5 billion on Bitcoin in 2021; at one point, the value of the transaction was over USD2 billion. The corporation reported only USD218 million in digital assets for the three months ended June 30 2022, and September 30 2022 as a result of selling the majority of its Bitcoin in the year 2022.
Aims for Artificial Intelligence Highlighted
Tesla outlined its goals for its energy and automotive companies as well as – and this has come across as the most eye-catching of all – for its efforts in artificial intelligence, in the aforementioned Q3 2023 shareholder deck. It read as follows: “We have more than doubled the size of our AI training computes to accommodate for our growing dataset as well as our Optimus robot project. Our humanoid robot is currently being trained for simple tasks through AI rather than hard-coded software and its hardware is being further upgraded to handle datasets.”
The Q3 2023 has pristinely declared that AI shall be an unwavering company goal of Tesla while confirming that its Bitcoin assets are to remain untouched for the time being. This emphasis on research and development directed towards Artificial Intelligence can usher in a whole new phase of business for the corporation, many people opine. Now, it is to wait and watch for how Tesla maintains Bitcoin holdings while simultaneously expanding its scope of production.
The Tesla company had reported an estimated USD23.4 billion in revenue overall – which turns out to be a marked decrease of almost 6% from USD24.9 billion in Q2 2023. The company’s automobile division generated the great bulk of total revenue in both cases.
Many Concerns for Shareholders
Many individuals, and especially those who hold shares in Tesla, have time and again questioned whether the business brand intended to accept Bitcoin and other cryptocurrency payments once more, as it had said to start doing previously. Elon Musk, the Chief Executive Officer of Tesla, had earlier pledged to accept Bitcoin if the mining sector was to become 50% dependent on renewable energy sources. While it is clear that Tesla maintains Bitcoin holdings, there is uncertainty as to how and whether the company would utilize the same for open market transactions in the ordinary course of business.
The investors in the Tesla company have once more raised several different queries in their question submissions about cryptocurrencies, including the issue of whether Tesla would be accepting those payments that be made with Bitcoin or other similar digital tokens for its charging network, and also if the Dojo supercomputer brand of Tesla will use Bitcoin in its operations.
The gist of every investor’s curiosity could be culled down as the above stays over the trajectory that Tesla would decide to adopt in respect of the broadness of business transactions – particularly, if the corporation would revert to the better practice of dealing in crypto as it has decided to earlier.
According to bitcointreasury.net, Tesla still holds the third-largest holdings of bitcoin for a publicly traded corporation, which are estimated to be 9,720 bitcoin. The U.S.-based automobile manufacturer made a $1.5 billion investment in Bitcoin in February 2021, apparently acquiring 43,000 tokens. Tesla said in the same month that it would start taking Bitcoin as payment, before changing its mind in the opposite direction.
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