Tesla’s bitcoin investment reportedly made more profit this year than car sales in the whole of 2020

Tesla’s bitcoin investment reportedly made more profit this year than car sales in the whole of 2020

Tesla's $1.5 billion bitcoin investment didn't just make headlines, it has also made the company more profit than its car sales last year, according to a Times of London report.

On Friday, the cryptocurrency smashed through the $55,000 level, bringing its market cap above $1 trillion. This means if Tesla owns the same amount of Bitcoin as it did on January 31, it made a paper profit of about $930 million since January. That's almost 30% more than its $721 million revenue from electric vehicles.

Bitcoin's historic rally has been a source of debate across the investing community, with many concerned that its 546% year-on-year gains (according to CoinDesk data) might have created a bubble and UBS flagging that the asset could be 'worthless'.

However, Tesla's CEO, Elon Musk, defended the investment. "Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company," Musk tweeted on Thursday, responding to a Bloomberg interview with Binance CEO Changpeng Zhao.

Tesla's original bitcoin investment was disclosed in its annual 10-k filing on February 8, showing that it bought $1.5 billion worth of bitcoin in January. The company also announced that it plans to begin accepting the cryptocurrency as