Tesla Continued Investment in Bitcoin: Two Years After Elon Musk's Announcement
Therefore, it is worth mentioning that Tesla, a leading electric vehicle manufacturer, still holds 9,700 Bitcoin two years after Elon Musk’s announcement that the company would purchase $1.5 billion worth of the cryptocurrency. Despite the digital asset being worth 33% less than its purchase price at the time of the announcement, Tesla’s continued investment in Bitcoin is a significant development in the tech world.
Tesla’s Rise in the Automotive Industry:
As a result of its advancements in electric vehicles and its continuous pursuit of progress, Tesla’s rise in the automotive industry has been nothing short of remarkable. So, it may come as a surprise to many that the company has continued its investment in Bitcoin.
Two Years After Elon Musk’s Announcement:
To clarify, February marks two years since Elon Musk’s announcement that Tesla would purchase $1.5 billion worth of Bitcoin. At the time of the announcement, the purchase price for Bitcoin was around $34,700 and the cryptocurrency was well on its way to an all-time high of $58,000, which it reached in April.
Tesla’s Sale of Bitcoin Holdings:
However, after the initial purchase, Tesla proceeded to sell a majority of its Bitcoin holdings. On the other hand, the company held onto 9,720 Bitcoin since the summer of 2022. The company sold 10% of its cache in March of the same year as the first purchase, followed by a sale of 75% of its Bitcoin in the summer of 2022. These moves were made at a loss because Bitcoin was trading near $23,000 in the second quarter of 2022.
Tesla’s Continued Investment in Bitcoin:
For example, despite the losses, Tesla has continued its investment in Bitcoin. Furthermore, the current price movement makes gains unlikely, but it is still important to note that Tesla is still invested in cryptocurrency.
In conclusion, Tesla’s continued investment in Bitcoin on the anniversary of Elon Musk’s announcement is a significant development in the tech world. Above all, the company’s rise in the automotive industry has been impressive, and its continued investment in cryptocurrency is a testament to its forward-thinking and progressive approach. To sum up, Tesla’s investment in Bitcoin is not only a reflection of its progressive approach, but it is also a symbol of its confidence in the future of cryptocurrency.