⚡ Tesla sells 75% of its bitcoin holdings in Q2 😮 Dubai plans to support thousands of ‘virtual jobs’ ⛓️ Blockchain.com cuts 25% of its staff

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⚡ Tesla sells 75% of its bitcoin holdings in Q2 😮 Dubai plans to support thousands of ‘virtual jobs’⛓️ Blockchain.com cuts 25% of its staff

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Tesla sells 75% of its bitcoin holdings in Q2

Tesla's sudden U-turn on Bitcoin has caught many by surprise - especially those who invested in the cryptocurrency after the electric car firm announced its major investment.

Just a year ago, Tesla was all-in on Bitcoin, revealing a $2bn investment in the cryptocurrency. But now it has sold off most of its holdings, as the value of Bitcoin has plummeted by more than 50% this year.

Now, Tesla has revealed that it sold 75% of its Bitcoin holdings in Q2 2022. The company said it sold the coins for a total of $963 million. This means that Tesla's remaining "digital assets" are now worth just $218 million. What's even more surprising is that Tesla appears to have made a loss on its investment, as it sold its Bitcoin when the price was hovering around $30,000 - well below the $40,000-per-coin price tag when it first invested.

It's not clear what prompted Tesla to sell its bitcoin, but it's possible that the company was feeling pressure to unload the digital currency after its recent run-down in revenue. Musk has been a vocal supporter of bitcoin, but it seems that even he has his limits when it comes to holding the volatile asset.

Dubai plans to support thousands of ‘virtual jobs’

The Dubai government has announced its plans to launch the Dubai Metaverse Strategy, a new initiative aimed at fostering innovation in new technology.

Crown Prince Sheikh Hamdan bin Mohammed says in a twitter post that the strategy is aimed at making Dubai the most technologically advanced city in the world.

The initiative will focus on developing new technologies in virtual reality, artificial intelligence, and blockchain. It will also support startups and businesses that are working on innovative projects in these fields.

If you thought the Dubai economy was all about oil, think again. In the near future, Dubai plans to be one of the top 10 cities in the world when it comes to the metaverse economy. What is the metaverse economy? It’s the virtual economy that exists within online and virtual worlds. And Dubai is aiming to be a major player in this economy, with plans to create 40,000 virtual jobs and add US$4 billion to the city’s economy within five years.

So what does this mean for us? Well, in case you’re looking for a virtual job, I'd say keep your eye on Dubai. The city is already home to the world’s tallest building, the largest shopping mall, and the world’s first hotel made entirely out of lego bricks. So it’s no surprise that they’re now aiming to be a major player in the metaverse .

Blockchain.com cuts 25% of its staff

Blockchain.com is the latest casualty of the bear market, announcing that it is cutting 25% of its workforce. The move will affect about 150 people, with the majority based in Argentina.

The cuts come as the cryptocurrency industry continues to suffer from the prolonged bear market, with blockchain startups and projects scaling back or shutting down altogether.

Interestingly, the exchange revealed that it was dealing with a $270 million shortfall from lending to beleaguered hedge fund Three Arrows Capital. It is not clear if this played a role in the decision to make cuts.

For those affected, it is yet another reminder of the tough conditions in the cryptocurrency industry. With blockchain projects scaling back and the bear market showing no signs of abating, it is likely that more companies will be forced to make similar decisions in the near future.