Tesla and Bitcoin locked in a 'tight race' as they nosedive over 50% from their respective peaks
Tesla's audacious decision to invest $1.5 billion in Bitcoin in early 2021 sent shockwaves through the market. Some analysts interpreting the move as a cunning diversification ploy. Others dismissed it as a high-stakes gamble. Despite high expectations, the Bitcoin bet was largely unsuccessful.
Last July, the electric vehicle manufacturer sold most of its Bitcoin holdings, further fueling the debate over the company's rationale for entering the volatile cryptocurrency market. Despite the harrowing losses sustained by both Tesla and Bitcoin, the two assets have displayed a glimmer of hope in 2023. Tesla's year-to-date performance reveals a 67.56% increase, while Bitcoin has posted a 76.41% gain during the same period.
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