Cryptocurrency: Big blow to bitcoin, Elon Musk's company Tesla reduced investment in this crypto by 75%

Electric car maker Tesla announced in February 2021 to invest $1.5 billion in the digital currency bitcoin. Shortly after that, in April, the Tesla company sold ten percent of its bitcoin portfolio. There are now reports that Tesla has sold a substantial portion (75%) of its bitcoin portfolio in the past.

Tesla reported on Wednesday that the company's digital assets fell by $218 million and that bitcoin's continued breakdown in the crypto bar hurt the profit provider company in the second quarter.

Let us tell you that the investment of Elon Musk's company Tesla in bitcoin helped legalize the world's largest electronic currency in many countries of the world. After Tesla's investment, the price of bitcoin also went up to a great extent, but now the situation has changed. Because of this, Tesla has sold a large part of its bitcoin investment.

In a letter sent to the company's shareholders on Wednesday, Tesla Inc. As of the end of the second quarter, the company has converted 75 percent of its investment in bitcoin to the fiat currency, which means that the company has withdrawn the amount invested in bitcoin.

The company, while sharing its earnings report to shareholders, reported that the company generated $936 million in cash in the second quarter from a reduction of up to 75% in its bitcoin portfolio.

The company's CEO Elon Musk said during a conference call on the company's earnings that the company decided to sell a large portion of bitcoin to deal with the uncertainties arising after the Corona crisis and to increase the liquidity position of the company. Is. At the same time, Musk has also said during this time that people should not assume bitcoin after seeing this decision of the company.

Let us tell you that the cryptocurrency bitcoin hit a high of $ 69000 in November last year, but since then it has registered a steady decline. After the news of Elon Musk's company Tesla selling shares in its bitcoin, bitcoin is trading at a level of US$ 22928, down 1.6 percent.

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