US electric car maker Tesla has been holding nearly $2 billion worth of bitcoin on its balance sheet. The company continued to invest in bitcoin despite its decline.
"The fair market value of our Bitcoin holdings as of December 31, 2021 was $1.99 billion," Tesla stated. In fact, the situation is complicated. Last year, Tesla invested $1.5 billion in bitcoin. However, the company recorded about $101 million in impairment losses from its holdings at the end of 2021. The BTC crash adversely affected its financial performance. Nevertheless, Tesla benefited from selling some of its digital assets for $128 million last March.
Earlier, the company accepted bitcoins as payment for some products. However, Tesla abandoned this idea and focused on meme cryptocurrency Dogecoin. The latter experienced a dazzling rally. Notably, only a few Tesla merchandise can be bought with dogecoin, namely a Cybertruck Graffiti Cuffed Beanie, a Cyberwhistle, and a Giga Texas Belt Buckle.
