The value of Tesla’s investment in Bitcoin in the second quarter of 2022 financial report faced a decline of $440 million amid a negative trend in the crypto market that has not yet subsided. The electric vehicle company led by Elon Musk previously bought Bitcoin for $1.5 billion, based on financial report records in the first quarter of 2021.
This is a step in an attempt to convert a portion of their cash reserves to the number one cryptocurrency in the world. In addition to Tesla, a number of public companies that have converted part of their cash reserves into Bitcoin include Michael Saylor-led MicroStrategy, Block Inc. led by Jack Dorsey, to the crypto exchange Coinbase.
Many companies taking bets on Bitcoin have been under pressure in recent months, with the price of Bitcoin dropping sharply to the level of $17,744.9 on June 19, 2022. This event is the first time for Bitcoin since November 2020.
At the end of June or the last day of the second quarter of 2022, the price of Bitcoin made Tesla’s BTC investment shrink to around $820 million.
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