According to the Independent, Elon Musk company Tesla has earned more than $1 billion since the beginning of this year on investments in Bitcoin, which were made in January.
Over the past 10 weeks, the Bitcoin exchange rate has increased significantly. Earlier this year, the electric car maker used $1.5 billion of its cash reserves to buy about 48,000 bitcoins, when the cryptocurrency was trading at a price of between $30,000 and $40,000.
Cryptocurrency brings Tesla much more money than the main business
When Bitcoin hit a new all-time high of $64,863 this week, Tesla’s assets in this cryptocurrency were briefly worth more than $3 billion. At the moment, the Bitcoin exchange rate has adjusted, the cryptocurrency is worth just over $60,000.
We reported that in a short time, due to the growth of the Bitcoin exchange rate, the company earned more than from selling cars throughout 2020. The company’s operating income for the year was $721 million.
When Elon Musk first announced its investment in Bitcoin, the price of the cryptocurrency rose by 14% in just a few minutes. Since then, Bitcoin has continued to grow steadily, regularly setting new records.
In particular, thanks to this, Elon Musk soared to second place in the ranking of the richest people on the planet, according to Forbes.