It is not at all unlikely for Tesla to make more money from Bitcoin than the total sales it achieved last year, where it was a very successful period. In fact, the manufacturer of pure electric vehicles has so far managed to earn about $1 billion from its investment in the cryptocurrency market.
An analyst from Wedbush Securities says Tesla “is going to make more money from its investment in Bitcoin than from its total car sales in 2020“.
Tesla recently revealed that it purchased $1.5 billion of the cryptocurrency Bitcoin. On the other hand, however, there is insufficient information as to when this investment was made and the price at which Bitcoin was purchased.
Last year Bitcoin hit a record high and its value topped $1 trillion for the first time last week with encryption increasing by 94% year-on-year.
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According to CoinDesk data, the price of bitcoin rose from $34,793.45 – a day high for January 31st to a day high of $57,487.03 in almost a month on February 20. This huge increase has resulted in Tesla’s profits from this investment rocketing to $975 million. If the cryptocurrency’s day-to-day high of $58,332.36 is calculated, then the Californian company’s profits are estimated at more than $1 billion.
But Bitcoin, like other cryptocurrencies, has several fluctuations, and this is shown by today’s picture where this digital currency is close to $48,000.