Tesla's decision to buy Bitcoin could lead to $460 million hit to Q2 earnings – Barclays

In light of Bitcoin's drop to $19,000 at the end of the second quarter, Tesla could end up reporting an impairment of roughly $460 million, according to analyst Brian Johnson.

Since then, Bitcoin has seen massive ups and downs, rising to its all-time high of $69,000 in November 2021 and ending the second quarter of 2022 near $19,000, which was around 70% off its record highs. At the time of writing, Bitcoin was trading at $21,549. Bitcoin suffered this year as investors exited their risk-on positions, and contagion risks impacted all cryptocurrencies. However, some analysts are getting slightly more optimistic about the future of Bitcoin, as the world's largest cryptocurrency breached $22,000 earlier on Monday.

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Bitcoin rally prompts outsized gains in crypto mining stocks - BNN BloombergShares of Bitcoin miners are outperforming the largest digital currency by a wide margin as demand for a way to gain exposure to the sector without actually buying the token rebounds.
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