Over the past 10 weeks, the Bitcoin rate has increased significantly. Earlier this year, the electric car maker used $ 1.5 billion of its cash reserves to buy roughly 48,000 bitcoins when the cryptocurrency was trading between $ 30,000 and $ 40,000.
According to the Independent, Elon Musk’s Tesla has earned more than $ 1 billion since the beginning of this year from investments in Bitcoin that were made in January.
When Bitcoin hit a new all-time high of $ 64,863 this week, Tesla’s assets in that cryptocurrency were briefly worth over $ 3 billion. At the moment, the Bitcoin exchange rate has corrected, the cryptocurrency is worth just over $ 60,000.
Back in February of this year, we reported that in a short time due to the growth in 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 Tesla first announced its investment in Bitcoin, the price of the cryptocurrency rose 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.