Tesla, which announced a major investment in Bitcoin last year, is now selling most of its holdings in cryptocurrencies.

The electric vehicle company has offloaded 75% of Bitcoin. It was worth about $ 2 billion1.7 billion) at the end of 2021.

This year, the value of cryptocurrencies has fallen by more than 50%, so it is retreating.

Tesla said it bought traditional currencies for $ 936 million (£ 782 million) from Bitcoin sales.

Tesla CEO Elon Musk is the most well-known proponent of cryptocurrencies, and his social media announcements often trigger significant trading activity.

In February 2021, it was revealed that Tesla's $ 1.5 billion investment in Bitcoin led to a surge in currency demand. 

The price of the infamous volatile cryptocurrency soared to about $ 70,000 in November before it plummeted in the past year.

Tesla stopped accepting Bitcoin as a car payment last year because of concerns about the climate impact of energy-intensive Bitcoin mining.

At the time, Musk said on social media that he would not sell Bitcoin owned by the company.

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