Elon Musk, CEO of Tesla, has revealed the electric car company’s total Bitcoin (BTC) holdings.
Musk claims on Twitter that he owns “close to” 42,000 Bitcoin, which is worth more than $1.60 billion at the time of writing, according to CoinGecko.
Musk personally owns Bitcoin, and his other well-known company, aerospace firm SpaceX, also has BTC on its books.
According to the company’s Q2 2021 financial update, Tesla has suffered a $23 million impairment loss related to its Bitcoin holdings. According to the document, Tesla spent $1.5 billion on digital assets and earned $272 million from cryptocurrency sales.
Musk’s varying public views on Bitcoin are widely regarded as having contributed to some of the digital asset’s dramatic price swings in 2021.
Tesla’s outspoken CEO has stated that the company will most likely resume accepting Bitcoin payments once the mining process becomes more environmentally friendly. He believes a verifiable shift away from coal and toward renewable energy is taking place.
“I’d like to do a little more research to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If that is the case, Tesla will resume accepting Bitcoin.”