The more you gamble, the more you can potentially lose — that’s the lesson Elon Musk and Tesla are learning today as Bitcoin’s value continues its bleak downward spiral in what many are now calling an industrywide “crypto winter.” Across the board, both major and minor cryptocurrencies’ worth has plummeted over the past few weeks, with the overall market losing billions of dollars this past weekend alone. As it stands at the time of writing, Tesla — which invested $1.5 billion in Bitcoin late last year — looks to have lost over $560 million, or around 40 percent of its total crypto assets according to data from Bitcoin Treasuries.
As Electrek notes, Tesla’s “Bitcoin holding represents only 10 percent of its cash position and 0.1 percent of its total market capitalization,’ but still, c’mon. That is an ungodly amount of theoretically wealth to suddenly be raptured up to Blockchain Heaven by the crypto gods.
