Elon is Scared of Crypto Downtrend! Reduces Tesla's Bitcoin Investment
— Elon, Teslas, Million, Bitcoin, Crypto, Investment, Tesla, Reduces, Downtrend, Market — 1 min read
Tesla CEO Elon Musk is scared of the further crypto downtrend of Bitcoin. Bitcoin is most favorite of Elon Musk, CEO of Tesla and SpaceX. Tesla just invested in Bitcoin with a US$1.5 billion crypto holding in February 2022. BTC tokens reached US$68k in November 2021 but plunged to US$19k in June 2022. At the time of writing, the current price of the BTC coin is US$20,111.29. Tesla is ready to take a writedown of US$440 million on its investment in the crypto market. Meanwhile, multiple companies such as MicroStrategy, Block Inc, and many more have started suffering the consequence of investing in Bitcoin. The price of Bitcoin (BTC) is US Source