I never expected Tesla to end up on Bitcoin

According to US media statistics, at the beginning of this year, Tesla CEO Musk bought 4.6 million bitcoins at an average price of 3.26 million dollars. It also sold 10% of its Bitcoin holdings, or 4,600 bitcoins, at a price close to an all-time high of $591,000 in the first quarter of this year, bringing in revenue of $272 million and achieving pre-tax profit of $101 million in the first quarter.

Bitcoin reached a record high of $6,4778 in mid-April this year, but starting in late May, the selling pressure on cryptocurrencies continued to increase. Bitcoin began a downward pattern, and eventually recorded a new annual low of $28,901.8 in June, and its price fell by half in just two months.

Bitcoin once again fell below $30,000 this Tuesday, and plummeted to a minimum of around $29,300, with an intraday decline of 5%. At present, Bitcoin has once again reached the $30,000 mark. Tesla's Bitcoin holdings have shrunk drastically. If Bitcoin continues to fall, Tesla's investment will lose money. If the price of Bitcoin falls to 25,000 US dollars, Tesla will lose 300 million US dollars. If it falls to 20,000 US dollars, the loss may further expand to 500 million US dollars, which is equivalent to Tesla's total profit before tax in the first quarter