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[Tesla put \$1.5bn into Bitcoin in early 2021,](https://www.bbc.co.uk/news/business-55939972) with chief executive Elon Musk saying it would be accepted as payment. It changed course a few weeks later, and Tesla has since sold most of its Bitcoin holdings. It now holds about \$184m of Bitcoin. Mr Musk has been among the most high-profile champions of cryptocurrency, with his pronouncements on social media often driving significant trading activity. Tesla's February 2021 Bitcoin purchase caused the cryptocurrency to [rise in price by more than 25% to \$48,000](https://www.bbc.co.uk/news/business-55984393) - a record high at the time. It rose again in March 2021, when Mr Musk tweeted Tesla would [allow customers to make their car purchases using Bitcoin.](https://www.bbc.co.uk/news/technology-56508568) This enabled people in the US to secure orders with the equivalent of a \$100 deposit in Bitcoin. But the cryptocurrency subsequently fell by more than 10% two months later, when [the firm backpedalled on this plan,](https://www.bbc.co.uk/news/business-57096305) citing climate change concerns. According to the UK Treasury, Bitcoin's global annual energy consumption is estimated to be roughly 39% of the UK's - and some estimates put the cryptocurrency's even higher. Its price soared to almost \$70,000 in November 2021 before crashing by more than 50% when [Tesla decided to offload most of its holdings.](https://www.bbc.co.uk/news/business-62246367) [Tesla sells most of its Bitcoin holdings](https://www.bbc.com/news/business-62246367) [Tesla will no longer accept Bitcoin, says Elon Musk](https://www.bbc.com/news/business-57096305) [Bitcoin jumps as Tesla buys \$1.5bn of currency](https://www.bbc.com/news/business-55939972) [Elon Musk](https://www.bbc.com/news/topics/c302m85q53mt) [Bitcoin](https://www.bbc.com/news/topics/c734j90em14t) [Tesla](https://www.bbc.com/news/topics/c8nq32jwjnmt) *** Related [Musk tells jury 'people read too much' into his posts](https://www.bbc.com/news/articles/c7433dz4ykwo) [Musk cuts Starlink access for Russian forces - giving Ukraine an edge at the front](https://www.bbc.com/news/articles/c0q3ndj7052o) [Why are so many organisations leaving X?](https://www.bbc.com/news/articles/cdxz995vd9ko) *** More from the BBC [7 Feb 2026  S Korean crypto firm accidentally pays out \$40bn in bitcoin The company quickly realised its mistake and managed to recover virtually all the missing tokens from customers. 7 Feb 2026](https://www.bbc.com/news/articles/cz6y62nzjxxo) [6 Feb 2026  Bitcoin falls to lowest level since Trump took office The price of the digital currency has dropped significantly despite President Donald Trump’s public support. 6 Feb 2026](https://www.bbc.com/news/articles/cy09x24q0pro) [5 Feb 2026  From Bitcoin to blockchain: Key cryptocurrency terms and what they mean As Bitcoin's price wipes gains seen since President Trump's election in 2024, here's a guide to some of the crypto market's trickiest terms. 5 Feb 2026](https://www.bbc.com/news/articles/cy5w2k5k5ylo) [3 Feb 2026  China bans hidden car door handles over safety concerns It makes China the first country to stop the use of designs first made popular by Elon Musk's Tesla. 3 Feb 2026](https://www.bbc.com/news/articles/cp37g5nxe3lo) [29 Jan 2026  Tesla cuts car models in shift to robots and AI Multi-billionaire Elon Musk's electric car maker also said its annual revenue had fallen for the first time. 29 Jan 2026](https://www.bbc.com/news/articles/c620177qdg5o) *** - 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1 February 2023 Tom GerkenTechnology reporter Getty Images **Tesla made a \$140m (£113.5m) loss on its Bitcoin investments in 2022, according to filings.** The electric car maker told the US regulator it lost \$204m on Bitcoin overall, though it gained back \$64m through trading. It changed course a few weeks later, and Tesla has since sold most of its Bitcoin holdings. It now holds about \$184m of Bitcoin. Mr Musk has been among the most high-profile champions of cryptocurrency, with his pronouncements on social media often driving significant trading activity. According to the UK Treasury, Bitcoin's global annual energy consumption is estimated to be roughly 39% of the UK's - and some estimates put the cryptocurrency's even higher.