Just before 9 AM on June 22, Bitcoin’s price sank to $29,511, its lowest level since the early hours of January 2, and 55% off its all-time record of $64,863 achieved just ten weeks ago. This is bad news for all crypto investors, but especially so for BTC’s chief influencer, Tesla CEO Elon Musk. The reason: Musk likely bought every Bitcoin on Tesla’s books at a higher price. The upshot is that in Q2, Tesla will be taking a substantial write-down on the celebrated wager that helped launch the bull run that’s turned into a freefall.
By just after noon, Bitcoin had surged back to around $32,000. As we’ll see, that relief rally won’t save Tesla from booking a hefty charge.