Tesla Make $1 billion in Bitcoin Profit, Elon Musk is Still Bullish
Tesla (NASDAQ: TSLA) founder Elon Musk appears bullish over the future fundamentals of Bitcoin (BTC-USD) as the largest electric car maker generated $1 billion from its investment in the most valuable cryptocurrency. Early this month, Tesla reported an investment of $1.5 billion in bitcoin and announced to accept the digital coin as a valid form of payment.
The profits from bitcoin investments are bigger than what the company has made from car sales in 2020. Tesla’s founder tweeted that the Bitcoin price seems higher and he also pointed out the performance of the BTC-ETH pair.
Money is just data that allows us to avoid the inconvenience of barter “That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”
BTC price soared above $58000 on Sunday before falling back to the $56000 level in Monday trading, representing a more than 550% increase since the beginning of this year.
Musk tweeted last week:
Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company.”
Elon Musk Tweets and Tesla’s investment in BTC added significantly to investor’s sentiments and price gains in the last two weeks. The market analysts are anticipating that several other corporate players would soon join Tesla in holding bitcoin on their balance sheet.
Tyler Winklevoss also suggested CEOs add BTC before it’s too late.
If you are a company CEO and thinking about adding #Bitcoin to your balance sheet you still have the opportunity to be an early adopter. But not for long.
— Cameron Winklevoss (@cameron) February 8, 2021
Bulls are of the opinion that the price of the most valuable cryptocurrency would move significantly higher this year, with expectations for breaching the $100K level soon and eventually moving to a $1 million level.