Tesla profits $1 Billion with Bitcoin investment

Tesla has made nearly $ 1 billion its investment in bitcoin, according to Daniel Ives, an analyst at Wedbush Securities.

The company is “on the verge of making more of its Bitcoin investment than the profit of selling its EV (electric car) vehicles for the entire 2020,” Ives estimates in a letter published on Saturday.
Earlier this month, the U.S. electric car manufacturer disclosed to the Securities and Exchange Commission that it had bought $ 1.5 billion worth of Bitcoin.

The acquisition took place sometime in January, the company said without disclosing when or the price of the Bitcoin. It is unclear whether Tesla has sold any bitcoin yet.

Bitcoin has seen a huge rally this year, touching new records regularly. Bitcoin market value reached $ 1 trillion for the first time last week, and cryptocurrency exchange rate increased by 94% this year.