Bitcoin Investment Cost 600 Million Dollars

Tesla, the electric vehicle company led by Elon Musk, has lost 600 million dollars as a result of its investment in the main cryptocurrency Bitcoin.

Bitcoin Investment Cost 600 Million Dollars. Electric vehicle manufacturer Tesla, which invested approximately $1.5 billion of its cash in Bitcoin at the beginning of last year, lost 600 million dollars due to this investment. Tesla was at the forefront of institutional investors backing Bitcoin in early 2021. In addition to its $1.5 billion investment in Bitcoin, the company also accepted Bitcoin as a means of payment. After a few months following this decision, CEO Elon Musk criticized Bitcoin on environmental grounds and announced that they would not accept Bitcoin payments. Although this volatile relationship between Tesla and Bitcoin caused a serious loss of $600 million to the company, this figure is far from a disaster for Tesla. As of 2022, Tesla has increased the value of Bitcoin in its portfolio to $2 billion at the exchange rate at the time of purchase. Considering all this, sources close to the subject state that the value of all of Tesla's cryptocurrency assets is not more than $905 million. Elon Musk, on the other hand, makes consistent decisions regarding the long-term evaluation of crypto investment. Therefore, despite the loss of $600 million, Tesla will not give up cryptocurrencies in its portfolio. Moreover, Tesla can re-accept Bitcoin payments if Bitcoin is produced with renewable energy sources.       Source: Hardware News