On Wednesday night Tesla reported in its second-quarter earnings that it sold 75% of its bitcoin holdings for $936 million. The company said it was to maximize its cash position amid Covid-related uncertainty in China. But the move comes about 18 months after the company shocked the financial markets by buying $1.5 billion worth of bitcoin, saying at the time in a filing that it believes in crypto’s “long-term potential” both as an investment and as a liquid alternative to cash. Bitcoin’s price subsequently rallied to its all-time high of about $68,980 in November, but then plummeted to a 2022 low of roughly $17,600 last month. Tesla’s validation helped fuel bitcoin’s 2021 price run-up, with new and existing investors rallying around the idea that it would lead more companies to buy crypto as part of their corporate treasury management. Cathie Wood’s Ark Invest estimated that if 1% of the corporate cash of every company in the S & P 500 were converted into bitcoin, the bitcoin...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...