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

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

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...read more...