Tesla Reportedly Makes More Profit This Year From Bitcoin Than Car Sales In 2020

Aadhya Khatri - Feb 22, 2021


Tesla Reportedly Makes More Profit This Year From Bitcoin Than Car Sales In 2020

Elon Musk, Tesla CEO, said that having some Bitcoin in its portfolio for an S&P500 company is adventurous enough

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
Bitcoin on Friday went past the $55,000 threshold with its market cap smashed through the $1 trillion level

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
Elon Musk said that having some Bitcoin in its portfolio for an S&P500 company is adventurous enough

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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