According to Wedbush Securities, electric car giant Tesla has already earned $ 1 billion in revenue from the Bitcoin investment announced earlier this month.
Bitcoin continues to rise – Tesla wins
Bitcoin rose to an all-time high of $ 57,553 on February 20. It has increased by more than 48 percent since Tesla announced its $ 1.5 billion acquisition.
Tesla made a profit in 2020 and delivered more than 500,000 cars to its customers.
The e-car maker made a profit of $ 721 million from auto sales, a striking difference compared to the $ 826 million the company lost in 2019. The overall annual revenue was $ 31.5 billion.
Tesla share increased by more than 800 percent in 2020 despite the global epidemic, while increasing the production of company vehicles.
Some skeptics see Tesla as a bubble when they see a market value of $ 749 billion. For example, Japanese auto giant Toyota, with a market value of “only” $ 207.5 billion, earned $ 8 billion from auto sales in the third quarter of 2020 alone.
However, asset management firm ARK Invest, led by Tesla bull Cathie Wood, estimates that if it manages to cut costs, set up factories efficiently, and launch its own autonomous journey, the company’s stock could rise to $ 22,000 by 2024.