Bitcoin investment gave a $1 Billion profit to Tesla according to analysts!

According to an analyst from Wedbush Securities, Tesla has made a fortune of almost a billion dollar from its BTC investment.

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Daniel Ives, disclosed some information regarding the American car company, Tesla that has made around a billion dollar profit out of their Bitcoin investments. Tesla made its $1.5B Bitcoin purchase so as to provide more flexibility to add more variety to its income earlier this month and also announced that they wouldn’t mind starting to receive Bitcoin instead of their products.

Mr. Ives believes that this move has paid off handsomely and that’s the reason why Tesla will carry on with this and receive even more profits:

“The company is on a trajectory to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020.”

The recent Bitcoin surge and its setting a new all-time high of $58K has had a huge impact on the investors and has caught and drawn the attention of numerous investment institutions and firms to itself. Tesla as a famous example in this case made a good profit. Mr. Analyst also believes that it was the right move on the part of Tesla. And believes that it may have an influence on other companies as well.

“While the Bitcoin investment is a sideshow for Tesla, it’s clearly been a good initial investment, and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months.”

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Cryptocurrency(5)

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Tesla

Bitcoin

Tags

Tesla

Bitcoin