News – UK – Tesla may have $ 1 billion USD earned on its Bitcoin investment


Tesla’s $ 15 billion bitcoin investment may have already brought the automaker $ 1 billion in profit

Elon Musk, CEO of Tesla, said the automaker’s bitcoin investment was “less stupid” than holding cash, and it has already paid off.An analyst estimates that Tesla is already making a profit from the rising price of the cryptocurrency Raised around $ 1 billion from its Bitcoin investment

In a statement released over the weekend, Wedbush analyst Daniel Ives said Tesla is expected to do more with its Bitcoin investment than it will do with selling its electric vehicles throughout 2020, not explaining how it would go about its calculation of $ 1 billion in profit came

CNBC notes that Bitcoin price has risen from an intraday high of $ 34Rose $ 793 at the end of January to an intraday high of 57487 USD03 on Feb. 20 That translates into a jump of about 65%, which would translate into a profit of about $ 975 million for Tesla’s $ 1.5 billion Bitcoin investment, which last Monday’s intraday high was 58$ 33236, which would have temporarily brought the automaker’s profit to more than $ 1 billion

Earlier this month, in a filing with the Securities and Exchange Commission, the automaker announced that it had invested $ 1.5 billion in Tesla cryptocurrency, saying it made the purchase in January to “have more flexibility, to further diversify and maximize the return on our cash ”

It is unclear whether the automaker sold Bitcoin after the price spike, Bitcoin price has risen 94% so far this year, and the cryptocurrency’s market capitalization topped $ 1 trillion for the first time last week

Tesla is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies still run by their founders became just a supporter of it this year

With Bitcoin price rising after Tesla announced its purchase and after Musk’s tweet in support of the cryptocurrency, it’s a bit of a surprise that the price fell after Musk tweeted again, Bloomberg notes that the Bitcoin price rose 20% last week after the automaker’s investment, and 58 for the first timeExceeded $ 000

Over the weekend, Musk tweeted that Bitcoin prices “seem high, and this month alone the value of the cryptocurrency has risen over 60% on Sunday, it hit another new high, approaching 59$ 000 Bloomberg suggests that weekend bitcoin price volatility may be driven by people trading the cryptocurrency at home

The news agency also suggests that institutional investors working Monday through Friday may have started selling today after Musk’s tweet the price pulled back today, falling below 53000 USD

Bitcoin, Tesla, Inc, Wedbush Securities, Cryptocurrency, Daniel Ives, Stock

News – UK – Tesla May Have $ 1 Billion USD earned on its Bitcoin investment
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