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Tesla Lets Three Quarters of its Bitcoin Go – Elon Musk has moved 75 percent of Tesla’s Bitcoin assets over to cash, amounting to nearly $1 billion dollars.  The move could be telegraphing Tesla’s faithlessness in Bitcoin’s future or its need for cash-flow due to rising costs in production and other cash-demand issues the company has recently experienced.

Tesla Trades 75% Of Bitcoin Reserves For Cash – Forbes Advisor UK

From www.forbes.com
2022-07-21 14:55:38

Excerpt:

Elon Musk’s Tesla Motors has sold 75% of its bitcoin (BTC) holdings in recent weeks, converting the cryptocurrency into around £782 million-worth of US Dollars ($936).

In its second quarterly report for 2022, out this week, the automaker said its bitcoin holdings were impairing the company’s profitability.

Bitcoins were worth almost £50,000…

 

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