This week is a big one for the tech industry, with some prominent companies to post their earnings report for the second quarter of 2021. The list includes Tesla, which is scheduled to do so after market hours on Monday. Investors are eagerly awaiting it because it will finally shed some light on the bitcoin holdings of the company. In the first quarter of the year, the company held around $1.5 billion in the pioneer cryptocurrency and reported only making just a single sale for testing the liquidity of the market. This was stated by Elon Musk, the chief executive of Tesla.
The entire crypto community has been waiting in anticipation to see the disclosures that will be made in the earnings call of the company. A lot of expectations have been generated in the overall bitcoin community regarding the earnings call of the leading electric car manufacturer because of the large stash of bitcoins that is present on its balance sheet. Elon Musk, the CEO of the firm, had decided to jump on the Bitcoin bandwagon in the previous quarter when he announced the purchase worth $1.5 billion. However, no one is aware of the current status of this stash and the earnings call will disclose if they held tightly, sold, or bought the dip in the second quarter.
Only one sale of Tesla’s bitcoin holdings has been recorded publicly. Last quarter, the company had sold off $272 million in bitcoin for testing the market’s liquidity. This news had resulted in a slump in the cryptocurrency’s price at that time. However, Musk didn’t take long to state that this had only been a test for ensuring that such sales could be handled by the market. But, soon after, Musk had had a change of heart regarding bitcoin and its effects on the environment, which had resulted in a schism between the crypto community and the entrepreneur.
Citing environmental concerns, Tesla decided to halt its support for bitcoin payments for electric cars. This fact began recommendations for a more greener and effective cryptocurrency for payments. Back then, Musk had also shared his preference for dogecoin (DOGE) and announced that this role could be fulfilled by the crypto if the Dogecoin network made certain changes. The developers at Dogecoin have been prepping it so it can offer people cheaper transaction costs. This week, a cryptocurrency conference occurred, which is known as the B Word event.
Speaking at the event, Musk said that he wanted to see bitcoin succeed, even after he had criticized the cryptocurrency harshly. He did hint that Tesla’s bitcoin holdings were still intact when he said that he only pumped and did not dump. Of course, considering how he is known for sending mixed signals, the only way to determine the authenticity of his statement is through the earnings call on Monday. It is not just the tech investors and sector that will be keeping an eye out, as the crypto community also has a vested interest.
