Elon Musk’s Tesla made $1B on Its Bitcoin Investment
Car production company Tesla generated more than $1 billion through the Investment in Bitcoin this year.
Elon Musk is CEO of SpaceX & Tesla and last year he jumped in the crypto industry to support Bitcoin. Through the filing with the Securities and Exchange Commission ( SEC), Tesla revealed that they made $1.5 billion investment in Bitcoin.
And also, Elon Musk supported bitcoin by implementing the bitcoin payment option in Tesla company to allow their customers to buy Tesla cars with Bitcoin payments. But later in the middle of this year, the Tesla company suspended the Bitcoin payment option. Elon Musk said that Tesla suspended bItcoin payment because Bitcoin is less efficient and has environmental concerns. And replaced the Bitcoin with DogeCoin to support the flagship meme crypto.
But as we know, the current time price of Bitcoin is increasing again and hitted $60k per BTC. So the Tesla company made $1.1 billion profit through their Bitcoin holdings.
According to reports, the Tesla company owns around 43,200 BTC, which has a value of around $2.5 billion dollar at current price of bItcoin.
While Tesla Investment was around $1.5 billion in bitcoin and sold around 10% of their holdings at $50,000 in the Q2 2021, admitted by Elon Musk later in an online meeting.
Companies Moving in Bitcoin
Many companies are currently looking to invest in Bitcoin instead of other assets. Recently Jack Dorsey’s Square, Galaxy Digital, and Hut 8 Mining entered into bitcoin based Investment and services to follow the footsteps of Elon Musk’s Tesla.
However, there are many tech companies which are moving with a very high amount of Investment in Bitcoin. The most commonly known company is MicroStrategy. Michael Saylor, CEO of MicroStrategy remains always bullish to have investment in Bitcoin and also he doesn’t suggest anyone to go with any other crypto assets because he thinks that other crypto assets are highly risky.
Read also: Elon Musk urges Dogecoin community to run own nodes
