Tesla selling Bitcoin last year turned out to be a $500M mistake By Cointelegraph
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The price of (BTC) has grown by more than 50% since Tesla (NASDAQ:) unveiled its approximately $1-billion BTC sales in July 2022. In other words, the Elon Musk-owned electric carmaker would have made an additional $500 million if it had waited until today to sell.
Tesla infamously dumped nearly $936 million of its total Bitcoin holdings in Q2 2022, accounting for 75% of its remaining reserves, to secure $64 million in profit. At the time, Bitcoin was trading about 70% lower than its record high of $69,000 in November 2021.
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© Reuters.
The price of (BTC) has grown by more than 50% since Tesla (NASDAQ:) unveiled its approximately $1-billion BTC sales in July 2022. In other words, the Elon Musk-owned electric carmaker would have made an additional $500 million if it had waited until today to sell.
Tesla infamously dumped nearly $936 million of its total Bitcoin holdings in Q2 2022, accounting for 75% of its remaining reserves, to secure $64 million in profit. At the time, Bitcoin was trading about 70% lower than its record high of $69,000 in November 2021.
Continue Reading on Coin Telegraph
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