Bitcoin Stalls as Elon Musk Reassures Support for the Crypto Industry
In his latest tweet about Bitcoin (BTC), Tesla’s CEO Elon Musk revealed that the electronic vehicle manufacturer holds about $1.47 billion worth of BTC on its balance sheet. Tesla reported in February that it purchased $1.5 billion in Bitcoin in its 10-k report.
The announcement of the purchase sparked a 57% price surge for the benchmark cryptocurrency within a month. Meanwhile, the company cashed out about $101 million in profits in April, claiming it was a liquidity test. Through this move, the behemoth EV maker boosted its Q1 earnings.
However, the company recently revealed that it recorded a $23 million BTC-related impairment loss in Q2.
At the recently concluded “B-Word” conference, Musk revealed that another of his companies, SpaceX, had also bought an undisclosed amount of BTC. The…
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