Elon Musk's Tesla loses massive amount after bitcoin fall
Tesla bought $1.5 billion in bitcoin in 2021, shortly after they started accepting crypto as a payment
This was part of an effort to move a portion of their cash reserves into the world’s number one cryptocurrency.
However, a few days later, Tesla took a step back with crypto by removing the Bitcoin payment option.
Tesla gave "energy needs for bitcoin network" a reason for closing the bitcoin as a payment option
Due to higher bitcoin prices, a year after an investment, few months ago Tesla's bitcoin investment was around $2 billion.
Recently bitcoin along with other cryptos have seen a massive fall, and that bring down the current holding value to the $820 million.
It means that Tesla has lost almost $600 million in value through its Bitcoin investment.
The bitcoin's price has fallen 60 percent from $46,700 at the start of the year and around 75% from an all-time high in November.
The only good news for Tesla here is that its Bitcoin holding represents only 10% of its cash position and 0.1% of its total market capitalization.
Discount Up to 82%
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