From being a great precursor of cryptocurrencies to getting rid of up to 75% of its holdings in crypto assets, this has been the behavior of the electric car manufacturing company, Tesla.
The company of Elon Musk which in the past had promoted investment in Bitcoin, now announced that it sold about 75% of its investments in that cryptocurrency, obtaining about $936 million in traditional currencies.
In the midst of a drop in the value of Bitcoin of more than 50% this year, the company makes this decision after facing losses due to impairment of these assets amounting to 440 million dollars, somewhat contradicting the speech of its CEO who has been a great advocate of cryptocurrencies and their impact on the world economy.
“Tesla did not publish further details about the date or the prices at which the company sold around 32,000 bitcoin. With that figure, the sale would have taken place at an average price of around $29,000 per BTC (while Tesla’s average purchase price exceeded $34,000) “, says the specialized mediaCryptonews.
Contrary to what many expected, this decision by Tesla, for the moment, has not had a great impact on the value of Bitcoin in the market, which maintains an average cost of 22,948.66.
In social networks, many analysts criticized the company’s decision to Musk making memes about what they call “little strength” to sustain an investment in times of decline.
Bitcoiners referred to the move as a sign that Musk has “lettuce hands”, paper or even “toilet paper”, although they do not rule out the company buying BTC again in the future.
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Goodbye Bitcoin: Elon Musk’s Tesla Sells 75% of Its Holdings in Cryptocurrency