Tesla's $ 1.5 billion investment in Bitcoin over the course of the day did not seem to be in vain when the electric car manufacturer began calculating profits following the recent surge in cryptocurrencies.
According to sources, it is said that Tesla has seen a profit of more than $ 600 million since it started investing on February 8.
Although the firm did not disclose the exact amount of bitcoin purchased, it was based on the price of Bitcoin last January, reaching $ 35,000 per unit, meaning Tesla may own around 43,000 bitcoins.
At the time of writing, the cryptocurrency king has reached over $ 52,000, up 45% since last month and 15% since the announcement of Tesla's investment in Bitcoin.
Indirectly, Tesla-owned bitcoin could reach $ 2.2 billion and bring in over $ 600 million in a week!
The average view of Tesla's investment in Bitcoin is a turning point, as more large firms will act similarly, taking advantage of the crypto sector.
In fact, there is no denying that Tesla's profits from Bitcoin investments are much higher than their original business income for fiscal 2020.
Tesla reported its first profit of $ 721 million for fiscal 2020 after facing a loss of $ 862 million in fiscal 2019. Meanwhile, only a few quarters of profit before fiscal 2020.
As a result of net losses from its business, Tesla has been able to reap more profit from the $ 1.5 billion investment in Bitcoin than the profit from car sales for the past decade.
