Home
MicroStrategy, Tesla's Bitcoin investment Lose $1.5B Combined as Market Bleeding Continues
Summary: Bitcoin is currently trading at $23,696, which puts the number one cryptocurrency down 15.19% in the last 24 hours. In fact, the highly touted digital asset dropped to as low as $22,829 before mounting a comeback to its current price. Here is a look at the last month of Bitcoin’s price history, which saw it ...
Bitcoin is currently trading at $23,696, which puts the number one cryptocurrency down 15.19% in the last 24 hours. In fact, the highly touted digital asset dropped to as low as $22,829 before mounting a comeback to its current price. Here is a look at the last month of Bitcoin’s price history, which saw it recently drop from a roughly month-long consolidation period.
With so much happening in the Bitcoin space, let’s look at the two companies holding the largest amount of Bitcoin: MicroStrategy Inc. and Tesla Inc.
As it currently stands, microStrategy and Tesla have the largest Bitcoin reserves with 129,218 and 43,200 respectively, according to Bitcoin Treasuries. That means that MicroStrategy holds about $3 billion in Bitcoin, while Tesla holds about $1 billion in the largest cryptocurrency. However, both companies are significantly below their invested dollar amount.
MicroStrategy, a business intelligence software and related services company, has investe almost $4 billion in Bitcoin, which means the company is currently sitting on more roughly $1 billion on unrealized losses. The same goes for Tesla, who is on $500 million of unrealized losses.
However, despite both of their unrealised losses, it doesn’t seem that either company is planning to sell their Bitcoin just yet. Michael Saylor, co-founder and CEO of MicroStrategy has been a long-time Bitcoin proponent, with him just tweeting, “In #Bitcoin we trust.”
The MicroStrategy CEO is doubling down on his belief in Bitcoin by updating his Twitter profile picture to feature what looks to be a Bitcoin behind his face, in response to the recent Bitcoin collapse and the lack of faith others have regarding the king of crypto.
These tweets come a little more than a month after Saylor shut down rumors of his Bitcoin falling victim to a margin call. Saylor noted in his response to rumors that MicroStrategy wouldn’t face a margin call unless Bitcoin drops to $3,562. In addition, Saylor can simply add more Bitcoin or assets into the contract to avoid the margin call.
As for Tesla, the response to the recent Bitcoin drop in price hasn’t been as forthcoming as Saylor’s response. Nevertheless, it doesn’t appear that Tesla will sell their Bitcoin, especially after a March 13-tweet where Musk said, “I still won’t sell my Bitcoin, Ethereum or Doge fwiw.”
This Musk tweet is on par with Tesla’s attitude toward their Bitcoin, in which they didn’t sell any of their Bitcoin in the last quarter of last year, nor the first quarter of this year, according to a filing.
Author: Tyler Irvin
Tags: Bitcoin,Elon Musk,MicroStrategy,Tesla
Link: MicroStrategy, Tesla's Bitcoin investment Lose $1.5B Combined as Market Bleeding Continues [Copy]