Electric car giant Tesla will announce quarterly earnings on Wednesday. The company bought $1.5 billion worth of Bitcoin (BTC) last year. In the quarter earnings report to be announced, it will be clearly seen how much loss Tesla has made.
Did Elon Musk and Tesla sell Bitcoin?
In early 2021, an SEC filing revealed that Tesla had purchased $1.5 billion worth of Bitcoin (BTC). Bitcoin’s price was around $30,000 at the time. The leading cryptocurrency saw staggering prices of $69,000 for the rest of the year. This rally has witnessed massive ups and downs up to $19,000 by 2022. As a result, the world’s largest cryptocurrency has lost more than 70% from its peak price. Experts say Tesla lost $460 million in these sales.
Tesla bought 42,000 BTC when the price of Bitcoin was around $30,000. He later sold some of them in March. According to calculations, Tesla, which bought about 460 million dollars of Bitcoin in total, has a loss of 11,270 dollars per unit. This means that the company could report a loss of $460 million tomorrow.
BTC price exceeds $23,000
The cryptocurrency market has turned its direction up again this week. Its price successfully climbed above the $22,000 psychological level to reach $23,209.84. The recent rally is causing speculation that Bitcoin has confirmed the bottom. But Grayscale’s latest report on cycles revealed that this will take another 250 days.
Grayscale showed in its latest report that the crypto market can wait another 250 days until the next bull. The current cycle we are in started in 2020 and completed 1191 days. Accordingly, the downward or sideways price movement may continue for another 5-6 months. As Kriptokoin.com, we have transferred the details of the report in this article.
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