According to the latest data, the value of BTC held by Tesla is still 33 per cent lower than the purchase price in 2021.
Two years ago, Elon Musk's company put BTC on its balance sheet, but most of the profits still could not escape from the car company.
Ever since Musk said he would recycle $1.5 billion in bitcoin, in fact, Bitcoin and Tesla are a combustible combination.
The move in February 2021 coincided with the first all-time high for Bitcoin against the dollar this year, when the rate peaked at $58000 in April.
According to the tracking website Bitcoin Bond, Tesla's market price that year was about $34700.
After selling a 10 per cent stake in March of the same year, Tesla became a super heavyweight Hodler company until July 2022, when an unexpected measure was announced, selling 75 per cent of the remaining coins.
This was done at a loss, when the exchange rate of Bitcoin against the dollar was close to $23000. The deal took place in the second quarter of 2022 and the price of each coin was about $29000.
For Musk, accepting a crackdown seems more competitive, claiming that the reason behind the sale of Bitcoin is not to evaluate Bitcoin directly as a project investment.
Since then, Tesla has already controlled 9720 bitcoins, and market prices have since made it difficult for the company to secure all long-term investments. As of February 2023, Tesla's excess inventory was still 33 per cent lower than the $225 million bitcoin he used, according to Bitcoin Treasuries.
Previously, Cointelegraph reported the correlation between bitcoin futures prices and Tesla individual shares, both of which had a widespread rebound in early 2023.
Data from Cointelegraph Markets Pro and TradingView confirm that TSLA has risen 66 per cent so far this year as of the anniversary of bitcoin purchase, surpassing Bitcoin's slightly less than 40 per cent increase.
However, this kind of rebound failed to grasp the imagination of the news media, and that month they chose to focus on Tesla's 2022 bitcoin loss, which totaled $140 million in dollar terms.
In addition, Musk can be said to have become more well-known in the context of other cryptocurrencies, especially Dogecoin (Doge), who has carried out a lot of promotional planning on social platforms and elsewhere since 2021.
Recently, he revealed that he could get a payment for his acquisition of Twitter last year, and in one case, the payment might include cryptocurrency.
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Tue, 18 Apr 2023