Tesla's billion-dollar bitcoin bet may be under water as crypto crashes | Businessinsider

But that ten-figure bet may be now under water as the, erasing hundreds of billions in gains that investors have enjoyed as cryptocurrencies soared in recent years.

The price of bitcoin has plummeted 17% since Sunday, to around $29,000 for one coin as of Thursday morning — or roughly 55% from a November peak near $68,00. The downturn comes, leaving investors little room to hide and wait out the storm. Tesla amassed its bitcoin stake between January and early February 2021, when the currency was trading for anywhere between $29,000 and $40,000. On average, we can estimate that Tesla bought its coins somewhere in the middle, in the mid-$30,000 range.

And as bitcoin soared through the rest of the year, Tesla made a killing on its crypto bet — on paper — which it justified as a liquid investment that had more upside than holding cash. By March 2021, the electric-car maker said it had

Source: Digital Coin News (digitalcoinnews.net)

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