Tesla’s Bitcoin Blunder: How Selling at $20K Could Haunt Elon Musk’s Crypto Empire Forever
By the end of June 2022, Tesla had sold another 29,160 BTC, representing 75% of its remaining holdings. At that time, Bitcoin was trading around $20,000 and later dropped to a yearly low of $16,500.
However, the second sale was less favorable. It resulted in massive missed gains.
Bitcoin has exploded since Wall Street stepped in, with major players like BlackRock, Grayscale, and other fund managers pushing to bring Bitcoin to institutional investors through ETFs. Grayscale’s court victory over the SEC paved the way for the landmark debut of spot Bitcoin funds in the US.
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