Tesla is disappointed in cryptocurrency

Tesla has sold 75 percent of its portfolio of bitcoins for almost a billion dollars American electric car manufacturer Tesla has sold 75 percent of its portfolio of bitcoins for almost a billion dollars.

The investment turned out to be unprofitable and worsened the company’s quarterly result. This is stated in a recent company report.

Tesla was disappointed in the cryptocurrency due to the fact that assets were bought at a rate of 28 thousand per coin, and they had to be sold at 23 thousand. As the head of the company, Elon Musk, clarified, the sale was made to increase liquidity during the period of anti-bullying restrictions in China, writes Forbes. Tesla has not sold any of its assets in Dogecoin. Musk urged not to perceive the sale of cryptocurrencies as “some kind of sentence to bitcoin.”

Tesla from TradingView As a whole, the manufacturer’s revenue fell from $ 18.76 billion in the previous quarter to $16.93 billion in the reporting quarter.

Thus, the series of record revenues for several consecutive quarters was interrupted.

In March 2021, Tesla announced that it had invested $ 1.5 billion in bitcoins, and then for a while began accepting them as payment for purchases. However, in May of the same year, Elon Musk abandoned this decision due to the negative impact of mining on the environment. Later, the entrepreneur said that the company would resume accepting cryptocurrency payments only when half of all digital assets would be produced on the basis of renewable energy sources (RES).