Tesla's Bitcoin Deal Earned it More Money Than Yearly Car Sales
Tesla's recent investment in Bitcoin has proven to be very profitable for Elon Musk's corporation. Thanks to the virtual coin's rise in value, the company made over $900 million in just three weeks.
IN A NUTSHELL:
- Tesla has earned $930 million from its recent Bitcoin investment;
- That's $209 million more than the company's entire 2020 earnings.
Less than two weeks ago, we reported that Tesla invested $1.5 billion in Bitcoins. It looks like the move has paid off handsomely for the company - since January 31st (that's when the actual purchase took place, though it was reported more than a week later), the company has earned about $930 million on the owned cryptocurrency (via The Times). That's $209 million more than the company's entire profit for 2020.
This is, of course, due to the rapid growth of the Bitcoin exchange rate, for which we currently have to pay 54.5 thousand dollars - 21.4 thousand "greens" more than on January 31. During the month the value of the virtual coin in question increased by a total of nearly 67%, which can be considered a very impressive result. Interestingly, the exchange rate has recently risen even despite the negative recommendation of the financial holding JP Morgan, according to which, taking into the volatile nature of cryptocurrencies, Bitcoin should actually be valued at 25 thousand dollars.
Tesla's high-profile investment was also recently addressed by the company's billionaire CEO and founder Elon Musk. In his opinion, it is better to own Bitcoins than cash.
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