Tesla Holds Fast to Its Pioneering Investment in Bitcoin
(Bloomberg) -- Tesla Inc. is holding onto its pioneering stake in Bitcoin, an investment that helped legitimize the world’s largest electronic currency.
That’s down from $1.31 billion in the previous quarter, or $51 million -- the amount it reported as a “Bitcoin-related impairment.”
Bitcoin rallied to a record level earlier Wednesday, topping $66,000 for the first time as optimism surged about greater mainstream acceptance for the digital currency.
Musk tweeted in May that the company hasn’t been selling off its reserves of Bitcoin after signaling that he was having second thoughts about the cryptocurrency, citing the use of fossil fuels in Bitcoin mining and transactions. Tesla had said it would accept Bitcoin as a form of payment in the continental U.S., but Musk reversed that decision after a few weeks.
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