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Elon Musk’s Tesla Could Have Earned $17 Billion from Bitcoin, Here’s What Went Wrong
In a stunning revelation, Tomas Grief, Chief Product Officer at Brainns, has revealed that Elon Musk’s Tesla could have earned an astonishing $17 billion if it had continued to accept Bitcoin payments. The shocking figure raises questions about the company’s decision to suspend BTC transactions in May 2021.
Grief’s post on X highlights a crucial what-if scenario: if just 2% of Tesla’s sales since 2021 were made in Bitcoin and the company held onto those coins, it would now own around 160,000 BTC. Based on current market prices, this staggering stash would be worth over $17 billion.
This figure is nothing short of mind-blowing, especially considering that Tesla has made about $40 billion in profits since 2021. It’s clear that the electric vehicle manufacturer missed a massive opportunity by halting Bitcoin transactions.
But what led to this decision? In May 2021, Elon Musk cited environmental concerns as the reason for Tesla’s pause on BTC payments. Specifically, he expressed worries about the energy consumption and carbon emissions associated with Bitcoin mining.
As Grief pointed out, at that time, one BTC was worth $56,667. Just 11 days later, the price plummeted by nearly 39%, and it has since continued to fluctuate wildly. Meanwhile, concerns about water and land usage have only intensified.
Although Musk’s remarks suggest he may be reconsidering his stance on Bitcoin, there is no official word from Tesla regarding a potential return to BTC transactions. However, reports indicate that the company could potentially benefit from new accounting rule changes, sparking speculation about renewed interest in crypto.
While it remains uncertain whether Tesla will resume accepting cryptocurrencies, this thought-provoking analysis highlights the massive missed opportunity for the electric vehicle manufacturer.
Source: coinpedia.org
