"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-08-17T18:22:34Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/08/17/binance-ceo-regulation-on-crypto-industry-markets-now-orig.cnn-business"
data-branding-key="markets-now"
data-video-slug="Binance CEO regulation on crypto industry markets now orig"
data-first-publish-slug="Binance CEO regulation on crypto industry markets now orig"
data-video-tags=""
data-details="">
Video Ad Feedback
Binance CEO: Regulation helps crypto credibility, but it's not 'a magical pill'
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-06-13T22:24:48Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/06/13/bitcoin-drop-cryptocurrency-la-monica-sot-qmb-vpx.cnnbusiness"
data-branding-key=""
data-video-slug="bitcoin drop cryptocurrency la monica sot qmb vpx"
data-first-publish-slug="bitcoin drop cryptocurrency la monica sot qmb vpx"
data-video-tags="banking, finance and investments,bitcoin,business, economy and trade,digital currencies,economy and economic indicators,financial markets and investing,money, banknotes and coins"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-04-25T01:15:11Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/04/25/watt-dnt-bitcoin-mining-electricity-washington-nr-vpx.cnn"
data-branding-key="project-planet"
data-video-slug="watt dnt bitcoin mining electricity washington nr vpx"
data-first-publish-slug="watt dnt bitcoin mining electricity washington nr vpx"
data-video-tags="bitcoin,business and industry sectors,business, economy and trade,digital currencies,economy and economic indicators,electric power industry,energy and utilities,misc people,money, banknotes and coins,nick watt,utilities industry,electricity production and distribution,energy and resources,continents and regions,north america,northwestern united states,the americas,united states,washington (state)"
data-details="">
Video Ad Feedback
A quarter of all the electricity in this county is powering Bitcoin mining
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-17T05:07:35Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/11/cryptocurrency-takeover-hollywood-politics-sports-super-bowl-ads-ebof-watt-vpx.cnn"
data-branding-key=""
data-video-slug="cryptocurrency takeover hollywood politics sports super bowl ads ebof watt vpx"
data-first-publish-slug="cryptocurrency takeover hollywood politics sports super bowl ads ebof watt vpx"
data-video-tags="arts and entertainment,business and industry sectors,business, economy and trade,celebrities,celebrity and pop culture,digital currencies,economy and economic indicators,football (american),football (american) events,government and public administration,marketing and advertising,marketing and advertising channels,misc people,money, banknotes and coins,nfl,nick watt,politics,sports and recreation,sports events,sports organizations and teams,super bowl,super bowl advertising,television advertising,media industry"
data-details="">
Video Ad Feedback
Cryptocurrencies take Hollywood, sports and politics by storm
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-15T21:03:35Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/15/senate-banking-committee-cryptocurrency-sherrod-brown-raw-sot-vpx.cnn"
data-branding-key=""
data-video-slug="senate banking committee cryptocurrency sherrod brown raw sot vpx"
data-first-publish-slug="senate banking committee cryptocurrency sherrod brown raw sot vpx"
data-video-tags="banking, finance and investments,business, economy and trade,digital currencies,economy and economic indicators,government and public administration,government organizations - us,money, banknotes and coins,political figures - us,politics,sherrod brown,us congress,us senate"
data-details="">
Video Ad Feedback
Sen. Brown on cryptocurrency: Fraud, scams and outright theft
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2022-02-10T02:39:51Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2022/02/10/bitcoin-couple-cryptocurrency-arrest-money-laundering-pkg-qmb-vpx.cnnbusiness"
data-branding-key=""
data-video-slug="bitcoin couple cryptocurrency arrest money laundering pkg qmb vpx"
data-first-publish-slug="bitcoin couple cryptocurrency arrest money laundering pkg qmb vpx"
data-video-tags="arrests,business, economy and trade,continents and regions,crime, law enforcement and corrections,criminal law,digital currencies,economy and economic indicators,law and legal system,law enforcement,misc people,money, banknotes and coins,new york (state),new york city,north america,northeastern united states,the americas,united states,zain asher,conspiracy (criminal offense),criminal offenses,diseases and disorders,government organizations - us,health and medical,neurological disorders and injuries,property crimes,receiving stolen property,us department of justice,us federal departments and agencies"
data-details="">
Video Ad Feedback
DOJ seizes $3.6 billion tied to New York couple's bitcoin hack
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2021-11-30T11:55:56Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2021/11/23/kim-kardashian-crypto-ben-mckenzie-js-orig.cnn"
data-branding-key=""
data-video-slug="kim kardashian crypto ben mckenzie js orig"
data-first-publish-slug="kim kardashian crypto ben mckenzie js orig"
data-video-tags="arts and entertainment,benjamin mckenzie,business and industry sectors,business, economy and trade,celebrities,celebrity and pop culture,kim kardashian west,marketing and advertising,matt damon,product endorsements,tether,economy and economic indicators,money, banknotes and coins,digital currencies,bitcoin"
data-details="">
"
data-check-event-based-preview=""
data-is-vertical-video-embed="false"
data-network-id=""
data-publish-date="2021-11-09T13:36:06Z"
data-video-section="business"
data-canonical-url="https://www.cnn.com/videos/business/2021/11/04/crypto-js-orig.cnn"
data-branding-key=""
data-video-slug="crypto js orig"
data-first-publish-slug="crypto js orig"
data-video-tags="beverages,business and industry sectors,business, economy and trade,coffee,consumer products,digital currencies,economy and economic indicators,food and drink,kinds of foods and beverages,money, banknotes and coins,doge,bitcoin,cryptocurrency explainer"
data-details="">
If you’ve been hurt by the volatile moves in bitcoin lately, you’re in good company. Tesla, run by the world’s richest person, Elon Musk, has been hit by the crypto craziness too.
The EV maker disclosed in its annual report to the Securities and Exchange Commission that it posted a $101 million impairment loss due to its investment in bitcoin. The loss is essentially an accounting issue, and it does not impact Tesla’s overall financial health all that much.
The company still has about $2 billion in bitcoin on its balance sheet, according to the SEC filing. And Tesla did record a $128 million gain on its bitcoin investment following the sale of some of those holdings in March 2021.
Bitcoin prices rallied Monday as well, gaining about 4% to around $43,000. But the price of one bitcoin has fallen more than 7% so far this year and is down roughly 40% from its all-time high of just under $69,000 in November.
Tesla made an initial $1.5 billion investment in bitcoin in early 2021. Musk has often tweeted about his support for the top crypto as well as for other smaller, meme currencies such as dogecoin.
The company also briefly accepted bitcoin as payment for its electric cars last year, but reversed course in May following pushback from critics over bitcoin mining, which requires substantial energy is not great for the environment.
Still, Tesla continues to be bullish on bitcoin and other cryptos.
“We believe in the long-term potential of digital assets both as an investment and also as a liquid alternative to cash,” Tesla said in the SEC filing.
“As with any investment and consistent with how we manage fiat-based cash and cash equivalent accounts,” the company noted, “we may increase or decrease our holdings of digital assets at any time based on the needs of the business and on our view of market and environmental conditions.”