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• In February 2021, Tesla revealed its intention to sell cars using Bitcoin, prompting the cryptocurrency’s price to skyrocket and investing $1.5 billion in the crypto.
• By autumn of 2021, Bitcoin had reached historic highs of around $70,000 but then began a bear market and dropped to $23,133 by February 1st 2023.
• On Tuesday Tesla disclosed that it had suffered a gross impairment loss of $204 million on their digital assets throughout 2022 and 2021.

Tesla’s Crypto Investment

In February of 2021, Tesla revealed its intention to sell automobiles using Bitcoin, prompting the price of the cryptocurrency to skyrocket, while also purchasing $1.5 billion worth of the crypto. One BTC was valued at around $43,000 at the time of the investment. Elon Musk, CEO of Tesla, was then quite positive about the crypto’s future, stating that the company believes in the „long-term potential“ of digital assets as an „investment and liquid alternative to cash.“

Bitcoin Price Reaches Historic Highs

Due in part to the billionaire’s passionate support of cryptocurrency, the price of Bitcoin reached historic highs of about $70,000 by autumn. But then the bear market would soon start to rear its ugly head and changed the landscape.

Tesla Records Major Bitcoin Loss

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 has removedthe verbiage from its previous annual reports that appearedto indicatean optimistic stance on investingin cryptocurrency. Tesla statedin a regulatory filing withthe United States Securitiesand Exchange Commissionon TuesdaythattheirBitcoin holdings suffered agross impairmentlossof$204millionin 2022.

Losses Grow Double Since 2021

Tesla was oneofthefirstcompaniestomake substantial investmentsin bitcoin.The automaker lostmorethan doublewhatit invested betweenFebruary2021andFebruary2023dueinparttothe bearmarketthat followedTerraLuna’simplosionMay2021 andworseningeconomicconditionsgloballyduetothepandemicandsubsidizing regulationsintheUSthatmadeelectricvehicleslessattractivetopotential buyerscomparedtothepreviousyearsmadeitevenharderforTesla tomaintainitsbitcoinholdingsprofitableastheyhadhopedforinitially whenmakingtheirinvestmentintoBTCat$43kpercoinbackinFebruary 2021nowatthedateofwritingthisarticleeachcoinisvaluedat$23k percoinrepresentinga46%lossonspecificallytheirbitcoinholdings alone .

Outlook for Cryptocurrency Investing

Despite losing about 70%ofitsvalue , some marketanalystsbelieve bitcoin hasremained robustandmayundergoarebound , particularlyasconsumersintimidatedbythecryptomarketflocktowardmoredevelopedecosystemssuchasBitcoinandEthereum(ETH).ThoughTeslahaslostmoneyonitsbitcoininvestmentsithasnotdeterredthemfromcontinuingtousecryptoassetstopayforservicesandsuppliesbuttheyaretakingsignificantlyfewerrisksthanbefore themajorlossduring2022andonwards

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