Tesla sells much of its cryptocurrency portfolio after they lose their value
After this movement it is impossible not to think about the end of this pyramid scheme started years ago
Tesla, which caused a sensation last year when it revealed a significant investment in Bitcoin, now he has sold most of his deposits in this cryptocurrency. The electric car company has dumped 75% of its Bitcoin, which was worth around $2 billion at the end of 2021.
As the value of the cryptocurrency has plummeted, falling by more than 50% this year. Tesla reported that he bought traditional currency with $936 million from his Bitcoin sales. Tesla boss Elon Musk has been one of the highest profile cryptocurrency championsand their social media pronouncements often drive significant business activity.
Tesla’s $1.5 billion investment in Bitcoin, revealed in February 2021, caused an increase in the demand for the currency. The price of the notoriously volatile cryptocurrency soared last year to nearly $70,000 in November before crashing. A Bitcoin right now is trading for less than $23,000.