Bitcoin
Reading time: ~2 m
According to a January 31 filing with the U.S. Securities and Exchange Commission, electric car maker Tesla posted a gross impairment loss of $204 million in bitcoin in 2022.
Simultaneously, during the year, Tesla recorded a profit of $64 million from converting BTC to fiat currency, resulting in a net loss of $140 million from cryptocurrency trading.
In the first quarter of 2021, Tesla invested $1.5 billion in bitcoin, when company founder Elon Musk announced that the electric car maker would accept BTC payments from US consumers.
That decision was reversed a few months later, with Musk citing the need to “confirm reasonable (~50%) clean energy use by bitcoin miners with a positive future trend.”
Tesla is believed to have sold 75% of its BTC holdings in the second quarter of 2022
#depreciation #bitcoin #brought #Tesla #loss #million
