Tesla's Bitcoin Bet More Profitable Than Full Year of Car Sales

Tesla's Bitcoin Bet More Profitable Than Full Year of Car Sales
HeadlinesNewsTesla's Bitcoin Bet More Profitable Than Full Year of Car Sales

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Tesla's Bitcoin Bet More Profitable Than Full Year of Car Sales

U.Today5 days ago
Published on February 21, 2021 10:05 GMT+0edited on February 21, 2021 11:00 GMT+0

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According to Wedbush Securities, e-car giant Tesla has already made over $1 billion from its Bitcoin investment that was announced earlier this month. 

In fact, the largest cryptocurrency turned out to be more profitable than the whole year of selling cars:  

Based on our calculations, we estimate that Tesla so far has made roughly $1 billion of profit over the last month…To put this in perspective, Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its [electric vehicle] cars in all of 2020.     

Bitcoin soared to a new all-time high of $57,553 on Feb. 20, up over 48 percent since Tesla revealed its $1.5 billion purchase.