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

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’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.

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.

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