Tesla's Missed $17 Billion Bitcoin Opportunity: A Look Back

What if Tesla had continued accepting Bitcoin? According to Tomas Grief, Chief Product Officer at Brainns, the electric vehicle giant could have accumulated 160,000 BTC, now valued at over $17 billion, by merely accepting 2% of its car sales in Bitcoin since 2021. This potential holding would represent nearly half of Tesla's total profits since that year. On May 12, 2021, Elon Musk made headlines by announcing Tesla would stop accepting Bitcoin for car purchases due to environmental concerns, a decision that left many in the crypto community speculating about what could have been. At the time of the announcement, Bitcoin was priced at $56,667, but it saw a nearly 39% drop in the following 11 days. Today, with Bitcoin trading around $108,826, up 88.9% year-over-year, Tesla's hypothetical 160,000 BTC stash would be worth over $17 billion. Musk's decision was influenced by growing concerns over Bitcoin's environmental impact, including its high energy consumption, significant carbon emissions, and the generation of electronic waste. Despite the slow shift towards renewable energy in Bitcoin mining, these sustainability issues remain a point of contention. While Tesla has not resumed Bitcoin payments, Musk's recent pro-crypto comments and the acceptance of Bitcoin donations by his new political group, the 'America Party,' have sparked speculation about a possible change in stance. Additionally, Tesla has reportedly benefited from new accounting rules that allow it to report gains on its BTC holdings, further fueling rumors of renewed interest in cryptocurrency.