The cryptocurrency sector is still in its infancy, and no one wants to fall behind the competition. Several tech companies are trying to establish a foothold in the sector, whether through financial investment or by jumping on the bandwagon of creative innovation. Tesla’s investment in Bitcoin was one of the most talked-about subjects in the cryptocurrency world. In February of last year, Tesla announced it is spending $1.5 billion to purchase bitcoin. In this article, we will take a look at this investment and try to answer the question: How is Tesla’s investment in Bitcoin performing so far? According to a filing made with the Securities and Exchange Commission, Tesla stated that it decided to buy bitcoin so that it would have “more flexibility to further diversify and maximize returns on our cash.” It was also around this time that the electric motor manufacturer made public its intentions to start accepting Bitcoin payments from customers. Since then, however, it has reversed its decision, citing environmental concerns associated with the mining of digital assets. Performance of Tesla’s Bitcoin Holdings At the time, the news caused a stir in the crypto community, with some praising Tesla for its forward-thinking approach and others questioning the wisdom of investing in a volatile commodity. How has Tesla’s Bitcoin investment done thus far? Well, the answer is … great and not great. Great in the sense that the company did ...
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