Tesla lost nearly $600 million because of Bitcoin plunge

 Tesla spent $1.5 billion buying Bitcoin last year, but the cryptocurrency's price plummeted











The loss is equivalent to 0.1% of Tesla's market capitalization. The drop in Bitcoin price did not have much impact on the company's financial position.

The Bitcoin that Tesla bought once generated a profit of more than a billion dollars after just a few months of investment. According to a previous statistic, a month of "playing" Bitcoin of Elon Musk's company is more profitable than selling electric cars in a year. Earlier this year, in a filing with the US Securities and Exchange Commission (SEC), Tesla said it was holding $1.99 billion worth of Bitcoin by the end of 2021.

During the time the company held Bitcoin, the coin continuously fluctuated wildly, reaching $66,000 in May 2021, dropping to $28,000 in July 2021, to an all-time high of $68,000 in November 2021. but more than $20,000 on June 17th.

After buying Bitcoin last year, Elon Musk said Tesla will let customers buy cars with the cryptocurrency. However, by the middle of the year, he withdrew his statement due to concerns that Bitcoin mining had a negative impact on the environment, contributing to climate change. He then revealed the possibility that Tesla could still accept it if miners used clean energy to mine.
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