Tesla Reportedly Makes More Profit This Year From Bitcoin Than Car Sales In 2020
Aadhya Khatri - Feb 22, 2021
Elon Musk, Tesla CEO, said that having some Bitcoin in its portfolio for an S&P500 company is adventurous enough
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According to a report from the Times of London, the $1.5 billion Bitcoin investment of Tesla brings it more profit than its own total car sales in 2020.
Bitcoin on Friday went past the $55,000 threshold with its market cap smashed through the $1 trillion level. So if Tesla’s amount of Bitcoin remains the same as on January 31, the company has made around $930 million since then, 30% more than the revenue of $721 million from electric cars.
![Bitcoin price](https://img.mobygeek.com/resize/730x-/2021/02/22/shutterstock-753414121-f829.jpg)
Bitcoin’s rapid increase has created a fuss across the investing world. Many experts in the field raise concerns that its year-on-year gain of 546% might create a bubble. UBS even warned that Bitcoin assets might be worthless.
Elon Musk, Tesla CEO, has another opinion. He said that having some Bitcoin in its portfolio for an S&P500 company is adventurous enough.
![Bitcoin Tesla](https://img.mobygeek.com/resize/730x-/2021/02/22/reddit-bitcoin-tesla-d631.jpg)
The electric vehicle company’s Bitcoin investment was first revealed on January 8 in its annual 10-k filing. Apparently, at that time, the company owned $1.5 billion worth of cryptocurrency. According to CNBC, Tesla will even accept Bitcoin as a form of payment soon.
>>> Bitcoin Broke Record Again, Hitting An All-Time High Of $50,000
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