We are going through a crypto winter where digital currencies present extreme volatility and it seems that no one is safe from these movements, not even a giant like Tesla.
The automobile company Elon Musk reported a $170 million loss on a failed investment in Bitcoin which he did in the first quarter of 2021. Tesla had originally invested $1.5 billion in BTC in January 2021.
Tesla also noted that he had made approximately $64 million by converting some of the Bitcoin he owned into fiat money. It is a currency issued by the United States government that is not backed by a commodity such as gold or silver.
Tesla is just one more victim of the crypto winter
The firm dumped $936 million worth of Bitcoin during the second quarter of 2022. According to its own report, this was an order from Elon Musk to recover lost cash in the Chinese market due to the pandemic.
Musk’s company still has 2.18 million in BTC, according to its latest quarterly earnings report.
The loss of Elon Musk’s automotive firm in Bitcoin comes in the midst of a very bad year for digital currencies. So far in 2022 Bitcoin is down just under 68 percent.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.