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Tesla Hodls Bitcoin in Q3, Elon Musk Tweets BTC at $69K Meme

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Tesla is currently holding bitcoin worth $1.26 billion on its balance sheet, the company’s third-quarter earnings report shows. The electric car company reported a bitcoin-related impairment of $51 million in the quarter. Meanwhile, CEO Elon Musk tweeted a meme showing the price of bitcoin at $69K and ether at $4.2K.

Tesla Continues to Hold Bitcoin on Balance Sheet

Elon Musk’s electric car company, Tesla (Nasdaq: TSLA), released its third-quarter earnings report Wednesday. The company posted $13.757 billion in revenue, a 57% increase from the same period last year. It wrote: “The third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit and gross profit.”

Tesla’s balance sheet shows net digital assets of $1.26 billion as of Sept. 30, down from $1.311 billion at the end of the second quarter. Tesla reported a bitcoin-related impairment of $51 million in Q3.

Tesla’s cash flow statement still shows that the only BTC purchase and sale were made in the first quarter when the company bought bitcoin worth $1.5 billion and sold $272 million worth of BTC.

According to Tesla’s 10-K form filed with the U.S. Securities and Exchange Commission (SEC), the company’s “digital assets are initially recorded at cost and are subsequently remeasured on the consolidated balance sheet at cost, net of any impairment losses incurred since acquisition.” Tesla explained that it performs an analysis each quarter to identify impairment, adding: “If the carrying value of the digital asset exceeds the fair value based on the lowest price quoted in the active exchanges during the period, we will recognize an impairment loss equal to the difference in the consolidated statement of operations.”

While Tesla never disclosed how many bitcoins it owned, CEO Elon Musk revealed in July that the amount was close to 42K BTC. At the time of writing, the price of bitcoin is $$63,053.60. It surpassed all-time highs Wednesday following the debut of the U.S.’ first bitcoin futures exchange-traded fund (ETF). This means Tesla’s bitcoin stash is currently worth about $2.65 billion.

On Wednesday, Musk tweeted a meme showing the price of bitcoin at $69K and the price of ether at $4.2K.

Musk has long been a crypto proponent. He revealed in July that besides bitcoin, he personally owned “a bit of ethereum and dogecoin.” The Tesla executive opined, “In general, I am a supporter of bitcoin,” noting that the BTC he owned was “worth a lot more than ethereum or doge.”

In September, Musk said that governments should not try to control or regulate cryptocurrencies, emphasizing that regulators should “do nothing” about crypto.

What do you think about Tesla’s bitcoin holdings and Elon Musk’s tweet? Let us know in the comments section below.

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Filipino Crypto Company Moneybees to Open 100 More OTC Outlets

Due to the increasing demand for its services, Philippine cryptocurrency exchange company Moneybees announced its plan to add 100 more over-the-counter services (OTC) outlets in major regions like Cebu, Davao, Baguio, Iloilo, Naga, and Bicol to its current seven outlets. Because “face-to-face transactions boost customer trust”, the company stated it helped the confidence of a::Listen

Due to the increasing demand for its services, Philippine cryptocurrency exchange company Moneybees announced its plan to add 100 more over-the-counter services (OTC) outlets in major regions like Cebu, Davao, Baguio, Iloilo, Naga, and Bicol to its current seven outlets.

Because “face-to-face transactions boost customer trust”, the company stated it helped the confidence of a growing number of people interested in cryptocurrency trading and yet apprehensive of its risks through pioneering OTC services because OTC services offer easier and safer crypto journey through direct easy exchange of digital currency to actual physical cash.

“Moneybees pioneered over-the-counter services to assist Filipino users with digital transactions, such as converting digital currency to actual physical cash. Through OTC services available in large shopping malls, digital financial transactions have become significantly more accessible and trustworthy,” Moneybees’ press release stated.

Being confident of its service, Moneybees stressed that “its seven outlets offer face-to-face concierge-like services where trained staff answer customers’ questions, show them how to transact online and offline, and even convert their digital currency into actual physical cash (and vice-versa).”

Moreover, Moneybees Chief Executive Officer (CEO) Paulo Roberto del Puerto described the advantages that directly exchanging digital currency to actual physical cash is a unique strategy that provides to both neophyte and experienced crypto-adopters.

“Moneybees makes exchanging Philippines Peso to crypto and vice-versa easier for Filipinos by making the steps more familiar,” del Puerto said.

The Moneybees CEO added that the company has partnered with Bangko Sentral ng Pilipinas (BSP)- licensed establishments such as moneychangers, remittance agents, and pawnshops that most Filipinos are familiar and find comfortable to transact with.

“Imagine buying and selling crypto just like you are exchanging a foreign currency like USD to Philippine Peso in a physical moneychanger. Aside from the assurance of having a real person to transact with, you have the peace of mind knowing that if something goes wrong with the transaction, you can always go back to the establishment,” del Puerto explained.

On the other hand, aside from direct easy exchange of digital currency to actual physical cash, del Puerto offered another way of transaction through Moneybees – through chat application.

“Through our own Online Trading Desk, people can buy and sell crypto with us through Telegram, WhatsApp, Viber, or any preferred chat application. In this method, customers are also talking to real people, and we assign a whole team to help each customer with their transaction. This team is available to them whenever they want to transact, from Monday to Sunday, 7am-12am,” he expanded.

Moneybees supports most cryptocurrency wallets and exchanges such as Binance, Ronin, Bitmex, Paxful, and Trust among others.

As of the moment, according to triple-a.io report, there is a “high level” of awareness of crypto in the Philippines and an estimation that over 4.3 million Filipinos are owning cryptocurrencies.

However, Moneybees described the trading of gaming currencies as “cumbersome” without the company.

“For example, an Axie Infinity game player has to first convert the in game currency (known as SLP in Axie), to a non-gaming crypto currency such as USDT, on a foreign Crypto exchange desk, only then can they convert this to pesos and send it to their local banks or e-wallets,” it clarified.

Del Puerto reiterated that Moneybees’ dual strategy makes crypto-trading accessible, faster, and safer.

“Buying and selling with Moneybees is a much simpler process. If you are buying and selling BTC, ETH, AXS, SLP, or other crypto coins, you can simply send your pesos to Moneybees and then receive your cryptocurrency directly into your preferred crypto wallet, and vice-versa,” he emphasized.

Currently, there are seven OTC outlets of Moneybees. To know more about the locations and business hours, click here.

May of 2020 when Moneybees announced that it has opened online buy and sell bitcoin service and June of 2020 when the company said that it is starting its OTC business again with its MSB partner Monteal Money Changer at Venice Grand Canal Mall.

Last March, Moneybees broadcasted the opening of three new outlets and its target to process PHP 2 billion crypto transactions this year.

Earlier this year, del Puerto already said through his email to BitPinas, the plan of the company to open 100 more outlets before this year ends.

 “If you want answers to your questions while you go on this journey, our outlets and our competent, friendly staff are more than willing to help,” del Puerto concluded.

This article is published on BitPinas: Filipino Crypto Company Moneybees to Open 100 More OTC Outlets

The post Filipino Crypto Company Moneybees to Open 100 More OTC Outlets appeared first on BitPinas.

Tesla Hodls Bitcoin in Q3, Elon Musk Tweets BTC at $69K Meme

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