The manufacturer of high-end electric cars had invested in bitcoin in February 2021.
A few established companies that have added bitcoin to their balance sheets are now beginning to see these investments go awry.
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This now takes over Tesla (TSLA) - the market leader in high-end electric cars.
Tesla has invested $ 1.5 billion in net worth on February 8, 2021, and said it was beginning to receive it as payment for Tesla cars.
The move comes days after Chief Executive Elon Musk temporarily changed his little Twitter profile to just #bitcoin. The announcement was a sign of confidence in the cryptocurrency.
Bitcoin prices then exceed $ 42,000.
Tesla said the investment in bitcoin was aimed at diversifying its liquidity sources and gaining flexibility so that it could pay more for its shareholders.
But a few months later, in May 2021, Tesla indicated that it no longer accepted bitcoin as a payment method. It has been cited as a reason for wanting to save the environment as the creation of bitcoins consumes a huge amount of electricity.
According to Environmental Research, if left unchecked, Chinese IT mines will produce 130.5 million tons of carbon dioxide by 2024, the annual amount of greenhouse gases emitted from greenhouse gases in Italy or Saudi Arabia.
Tesla's investment is Red
In a few months, Tesla bitcoin gambling paid off, especially when the price reached a peak of $ 69,044.77 on November 10. But since then prices have plummeted and currently go to about $ 31,000.
The fall in bitcoin prices puts Tesla's first investment in red. Indeed, the Austin company seems to have lost money. According to Bitcoin Treasuries, Tesla’s 43,200 bitcoins bought for $ 1.5 billion currently have a value of $ 1.35 billion, less than $ 150 million, or about 15%.
This company is the only company that has established its value to hold bitcoin down to the red. But MicroStrategy (MSTR) - a company with a lot of bitcoins on its balance sheet, is not far from losing money, either. Its 129,218 bitcoins were valued at $ 3.97 billion and are currently valued at $ 4.04 billion.
Bitcoin and cryptocurrencies are currently plagued by fears of growth, such as the equity market. Those concerns are encouraging investors to complete risky assets, as the Federal Reserve raises interest rates to curb inflation.
