Tesla has benefited from an investment of nearly $ 1 billion in Bitcoin
Tesla has benefited from an investment of nearly $ 1 billion in Bitcoin

According to Daniel Ives, analyst at Brokerage Wedbush, the electric car maker Tesla made nearly $ 1 billion on paper from its Bitcoin investment.

Ives said in a report that the company should invest in Bitcoin by 2020 rather than making profits from selling electric cars.

Earlier this month, the US electric car maker announced in a file with the Securities and Exchange Commission that it had bought $ 1.5 billion worth of Bitcoin to increase flexibility and diversification.

The company said: The purchase was completed in January but it has not revealed when or when to buy Bitcoin, and it is not clear if Tesla sold Bitcoin.

Bitcoin has seen a huge rally this year and has regularly reached new highs. Last week, Bitcoin's market value exceeded $ 1 trillion for the first time, while the value of cryptocurrencies rose by 94% since last week.

Ives did not explain how he obtained the account, but according to data from CoinDesk, the price of Bitcoin increased from $ 34,793 on January 31 to $ 56,465 today.

This corresponds to an increase of roughly 65%, so that the profit of Bitcoin's $ 1.5 billion investment is roughly $ 975 million.

Based on the high coin of $ 58,332, the profit exceeds $ 1 billion.

Ives said: While investing in Bitcoin is a takeaway from Tesla, it is clearly a good initial investment, and we expect this trend to affect other listed companies in 12-18 months.

(Elon Musk) Tesla CEO Elon Musk believes in cryptocurrencies, but recently said: Bitcoin and Ethereum prices look high.

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