Electric car company Tesla has managed to outpace the profit it has made from the last year’s car sales with its Bitcoin investment last month.
Tesla announced in January that it had purchased $ 1.5 billion worth of Bitcoin as part of its new investment policy. Bitcoin, which rose after this investment of the company, brought great profit to Tesla.
Assuming that the electric car manufacturer still holds $ 1.5 billion in Bitcoin as it did on January 31, the company is stated to have made a profit of $ 930 million with this investment. The company profit Tesla reported for the entire last year of 2020 was $ 721 million. Thus, we can say that a 1-month Bitcoin investment has brought more money to the company than its main business.
Tesla has not yet made a statement on the subject
Tesla became the second public company with the largest Bitcoin portfolio. The leader of the list is MicroStrategy Inc., which invested 71,079 Bitcoin. continues to be. Tesla has not yet revealed how many Bitcoins he has purchased or whether he continues to hold them. The company will only have to disclose the profit from the Bitcoin rate growth if its cryptocurrency reserves are sold.
Meanwhile, the fact that a large company like Tesla bought Bitcoin for $ 1.5 billion has become one of the factors in the increase in confidence in the cryptocurrency and accordingly, it has reached record levels. Then, Musk’s mention of Dogecoin on Twitter increased the price of this cryptocurrency. Bitcoin was at the level of 34 thousand dollars at the time of Tesla’s investment. As of today, it has increased to 57.5 thousand dollars.