Tesla could take a big loss on its Bitcoin bets

Tesla’s (NASDAQ:TSLA) big bet on Bitcoin (BTC-USD) is beginning to look like a blunder amid a violent crash for cryptocurrencies. While adding Bitcoin (BTC-USD -14.6%) in early 2021 looked like a wise decision throughout the year and even into early 2022, the tables have turned rather quickly in recent months. The price of Bitcoin specifically has fallen just over 50% in the current quarter, which bodes poorly for Tesla’s (TSLA -7.1%) upcoming quarterly report. With shares down nearly 50% year to date, bookended by an over 7% drop on Monday, the Bitcoin issue adds yet another headwind to contend with as a number of adverse impacts bear down on the Austin-based automaker. Bull Market Buying In the first quarter of 2021, the company invested $1.5B in bitcoin in a novel addition to its balance sheet. “We believe in the long-term potential of digital assets both as an investment and