- Tesla‘s Bitcoin holdings have lost two-thirds of their value despite the cryptocurrency appreciating more than 30% over the same period.
- Elon Musk has largely stopped promoting crypto after being an early and vocal supporter in 2021.
- BTC has fallen over 40% since Musk posted a pro-Bitcoin statement in October 2025.
Tesla became one of the first major companies to embrace Bitcoin, acquiring 43,200 BTC in early 2021 and briefly accepting it as payment. Founder Elon Musk even added “#bitcoin” to his Twitter bio, triggering a price surge.
However, Musk soon reversed course. He sold 10% of Tesla’s holdings “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet,” he explained at the time. Two months later, he announced Tesla would no longer accept BTC payments due to concerns about fossil fuel use in mining.
By mid-2022, Tesla had sold 29,160 BTC, leaving only 9,720. The company then held steady for more than two years before purchasing an additional 1,789 BTC in late 2024, which it described as an “immaterial amount.”
Meanwhile, Musk has offered contradictory signals. Last October, he promoted Bitcoin by stating, “That is why Bitcoin is based on energy: you can issue fake fiat currency, and every government in history has done so, but it is impossible to fake energy.” BTC has dropped more than 40% since that post.
Consequently, the total value of Tesla’s holdings has fallen by two-thirds, even as Bitcoin appreciated over 30% overall. This decline occurred despite Musk’s unprecedented access to the federal government through the so-called “DOGE” initiative during Donald Trump‘s second administration — a period when regulators shifted policy to support the crypto industry.
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