Tesla sells most of its Bitcoin holdings

Image source, Getty Images

Most of the holdings of the company have been sold off.

At the end of the year, the electric car company said it had sold 75% of its holdings of the digital currency.

The value of thecryptocurrencies has fallen by more than half this year.

The company said it bought traditional currency with the money it made from the sale of Bitcoins.

Musk's statements on social media often drive significant trading activity, making him one of the most high profile advocates of cryptocurrencies.

There was a surge in demand for the currency after it was revealed thatTesla had invested in it. In November of last year, the price of the virtual currency spiked to almost $70,000 before crashing.

The price of a Bitcoins is less than $25,000.

The holdings were sold as part of the quarterly update. It said that one of the factors that hurt its profitability was the use of the virtual currency.

Last year, the company stopped accepting payment for its cars from the digital currency because of its impact on the environment.

Mr Musk said on social media that the company wouldn't be selling the digital currency.