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In February 2021, Tesla revealed its intention to sell automobiles with the help of Bitcoin, prompting the price of cryptocurrency to skyrocket, while buying $1.5 billion worth of cryptocurrency. At the time of the investment, the value of an NBC was approximately $43,000.
Partly due to the passionate support of the cryptocurrency billionaire, the price of bitcoin reached record highs of about $70,000 in the fall.
But the bear market was about to start gaining momentum and changing the landscape.
Related Lectures: Top 5 Cryptos is worth investing in this February.
Fast forward to Feb. 1st, 2023 – Bitcoin is trading at $23,133 – losing more than half its value since its all-time high in the autumn of 2021.
Tesla pulled the verbiage out of its previous annual reports that seemed to indicate an optimistic stance on cryptocurrency investment.
Tesla stated in a regulatory filing with the United States Securities and Exchange Commission on Tuesday that its Bitcoin holdings suffered a gross impairment loss of $204 million in 2022.
Tesla said in a regulatory deposit with the U.S. Securities and Exchange Commission on Tuesday that its Bitcoin investments experienced a gross loss in value of $204 million in 2022.
Picture: Crypto initiates. It can be caused by a change in economic conditions, such as the bear market which rocked the market after the implosion of terra luna in May of last year.
In the latest filing, Tesla disclosed that:
“During the years ended December 31, 2022 and 2021, we recorded $204 million and $101 million of impairment losses on such digital assets. In its last submission, Tesla stated, "In fiscal years ended December 31, 2022 and 2021, we experienced losses in value of $204 million and $101 million on these digital assets.
In fiscal years ending December 31, 2022 and 2021, we earned $64 million and $128 million, respectively."
Despite the loss of approximately 70% of its worth, some market analysts believe that bitcoin has remained strong and could experience a rebound, especially when consumers shy of the crypto market flock to more developed ecosystems, These include Bitcoin and Ethereum (ETH).
Tesla was one of the first companies to make substantial investments in bitcoin. Tesla was one of the first companies to invest heavily in Bitcoin.
BTC total market cap at $444 billion on the daily chart | Chart: TradingView.comTesla’s impairment losses have roughly grown twofold since 2021, when the car builder declared a $101 million impairment on digital assets and a $128 million gain from the sale of Bitcoin, according to a 2021 SEC filing.
At the same time, elon musk has already stated that tesla also has a bit of dogecoin (doge), though the exact amount is unknown.
The Texas Tesla never reported a doge buy.
Tesla, headquartered in Austin, Texas, never stated that it had purchased DOGE.
