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Jul 22, 2022
by Usha Yadav
Tesla, MicroStrategy, Block Inc. Face a Hit From Bitcoin: Bloomberg Report
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Three corporations, Tesla Inc., MicroStrategy Inc., and Block Inc., suffered losses on their Bitcoin holdings in the second quarter that were expected to total $5 billion, as per the Bloomberg report. The decrease in value is due to the cryptocurrency's price falling by 59% from June 1 to June 30. Bloomberg calculated the loss based on the corporations' prior statements regarding their Bitcoin holdings.
Bitcoin Loss Hits Block, Tesla, MicroStrategy
The price demonstrates the risk faced by businesses who opt to store some of their corporate treasury in volatile cryptocurrencies instead of more secure short-term treasuries or cash. Although Bitcoin has slightly recovered from its low of under $18,000 last month, there is no assurance it will ever reach its November high of almost $68,000.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.