19/06: How much do Bitcoin sharks like Tesla (NASDAQ: TSLA) lose when the price of the virtual currency plummets?

 

Bitcoin's price is down nearly 70% from an all-time record of more than $ 69,000 set in November 2021 ...


Tesla lost more than $ 500 million due to the recent Bitcoin price drop

Last week, the virtual currency Bitcoin saw a sharp plunge to close to $ 21,000 - the lowest level since December 2020. At 9:00 am on June 15 (Vietnam time), this virtual currency was trading at $ 21,928 - down nearly 70% from the record of more than $ 69,000 set in November last year.


According to TheStreet, Bitcoin investors have seen their portfolios evaporate rapidly and the list of victims of this plunge is growing every day.




One of the cult Bitcoin investors is known as the American electric car company Tesla. In February 2021, the company announced it had spent $ 1.5 billion to buy Bitcoin. And Bitcoin's plunge last week caused Tesla heavy losses on this investment.



Specifically, according to Bitcoin Treasuries, the 43,200 Bitcoin on Tesla's balance sheet is now only worth $ 968,103 million, or a loss of about $ 530 million compared to the original investment. This is likely the reason why Tesla announced a depreciation related to the digital asset at least in its Q2 earnings report next July.



Earlier, when it announced it would pour money into Bitcoin, Tesla said that the investment is intended to diversify its liquidity sources, while at the same time giving the company flexibility. Over the course of a few months, this investment has yielded positive results, especially when Bitcoin's price set an all-time record of more than $ 69,000 on November 10, 2021. However, the situation is now completely reversed.



In addition to Tesla, billionaire Michael Saylor's software company MicroStrategy is also losing money to own a large amount of Bitcoin. The company currently holds 129,218 Bitcoins with an investment of $ 3.97 billion. However, the value of this portfolio is now only $ 2,895 billion, or a loss of more than $ 1 billion.



One of the other big names in Bitcoin investing is Block - formerly Square and the financial technology company of Twitter co-founder Jack Dorsey. The company spent $ 220 million to buy 8,027 Bitcoins and is currently losing about $ 40 million, according to Bitcoin Treasuries.
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