Tesla's bitcoin holdings fell nearly $1.8 billion in value last year, as Elon Musk called crypto a 'sideshow'
Tesla's bitcoin hoard plummeted by nearly $1.8 billion last year, as Elon Musk's carmaker dumped a big chunk of its holdings and cryptocurrency prices slumped.
The value of its"fair market holdings" in digital assets fell from $1.99 billion at the end of 2021 to $191 million a year later, the company said in a Tesla invested $1.5 billion into bitcoin in the first quarter of 2021, as it said customers could begin using the token to purchase its electric vehicles. It soon reneged on that promise, withBut 2022 saw a bloodbath for the vast majority of crypto assets, after a bull rally through most of 2021 where prices peaked.
Bitcoin shed nearly 65% of its value over the year, ending it at about $16,548. Tesla bought the token in the $30,000-to-$40,000 range at the start of 2022.
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