Tesla reports Bitcoin-related losses worth $ 51 million in the third quarter

According to Tesla‘s third quarter financial report, the company posted its best net income ever at $ 2.093 billion. However, the world’s largest electric car maker posted $ 51 million in losses related to bitcoin this quarter. But overall, the company has made $ 900 million in profit since buying Bitcoin in February.

Tesla neither sold nor bought Bitcoin in the third quarter.

The company first announced its $ 1.5 billion purchase of Bitcoin (43,200 BTC) in February and began on Jan.

Tesla sold 10% of its bitcoins in the first quarter to test the liquidity of the leading cryptocurrency. They did not change their positions in the second quarter, but reported a loss of $ 23 million due to the fall in Bitcoin prices.

Bitcoin rose to a new all-time high of $ 67,016 earlier today, meaning the recently reported decline numbers are no longer relevant.

Tesla’s Bitcoin is currently valued at around $ 2.4 billion, a profit of nearly $ 900 million after an 8-month investment.

In June, the world’s richest billionaire Elon Musk reiterated his commitment to Bitcoin, despite being very critical of the energy-intensive proof-of-work algorithm.

In fact, according to a poll in Australia, many people say they got into the crypto market because of Elon Musk, and many still think Elon Musk is Satoshi Nakamoto.

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Lu Tuc

According to AZCoin News

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