Tesla describes Bitcoin as ‘a liquid alternative to cash’ By BTC Peers
One man’s meat is definitely another man’s poison. While billionaire Warren Buffett recently lashed out at as an unproductive asset, Tesla (NASDAQ:), in a recent SEC filing, has lauded Bitcoin’s liquidity and long-term potential.
In a recent filing with the US Securities and Exchange Commission, Tesla Inc. reaffirmed its pro-Bitcoin stance, dubbing the asset “a liquid alternative to cash.”
According to filings, Tesla is keeping its Bitcoin from previous quarters. According to BTC PEERS’s reporting, Tesla spent $1.5 billion on Bitcoin in the first quarter 2021. In the filing at that time, the company provided information on how the investment would “provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.” An excerpt from the latest filing reads:
In digital assets, $1.50billion was invested in the first quarter of 2021. Fair market value as per March 31, 2022 of these digital assets totaled $1.96 Billion. Digital assets can be used as both an investment option and as liquid alternatives to cash. We are confident in their long-term value. We can increase or decrease the amount of digital assets we have at any given time, as with all investments. This is consistent with the way we manage fiat cash and equivalent accounts. It also depends on our views of market conditions and the company’s needs.
Ricardo Salinas Pliego (a Bitcoin fan and Mexican billionaire) took some time to criticize the statements of Warren Buffet. He said that Buffett was too old to be affected by change.
He is rambling about something he doesn’t understand, which makes it sad. This is why the future belongs to the young, and not the OLD. https://t.co/2L5Lc8zHjE
— Ricardo Salinas Pliego (@RicardoBSalinas) May 1, 2022