Tesla jettisons 75% of Bitcoin holdings, boosting cash balance by $936m
Electric vehicle manufacturer Tesla has decided to sell three-quarters of its holdings in Bitcoin just a year after it promoted the"long-term potential" of the controversial cryptocurrency.
Along with its latest financial performance, the company announced plans to sell off a significant holding of the blockchain-backed tokens in exchange for fiat currency – money backed by national banks and sovereign wealth. "As of the end of Q2, we have converted approximately 75 percent of our Bitcoin purchases into fiat currency," Tesla's Q2 earning statement said. The transaction boosted the company's cash balance by $936 million.acquired $1.5 billion in Bitcoin
to bring"more flexibility to further diversify and maximize returns on our cash." It also said it would allow customers to pay for their vehicles with the cryptocurrency. Since then, the price of Bitcoin has ridden a roller coaster, with an emphasis on steep descents. It peaked in November 2021 at a price of around $49,000 but since the beginning of 2022 has dropped dramatically with value falling below $20,000 in June, a bar it has struggled to overcome since.
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