American genius Elon Musk, president of Tesla and the world’s richest person, has made huge profits from investing in Bitcoin.
Based on the $55,000 price that Bitcoin reached on Friday, Tesla’s investments in Bitcoin, supposedly made on January 31, made a profit of $930 million.
“This means a profit of about 30% compared to the $721 million tesla made from electric car sales in 2020,” the report said.
Bitcoin later jumped to over $57,000, which means more profits for Tesla.
We must also make it clear that 2020 was Tesla’s first annual profit since its inception in 2003. Its business model seems to be profit-based after a while.
It should also be clear that Tesla’s share price itself jumped dramatically in 2020, directly raising Elon Musk’s net worth and placing him at the top of the list of the richest on the planet.
Although bitcoin’s surge has been a source of controversy across the investment community, with concerns that its 546% year-on-year gains according to CoinDesk data may create a bubble of worthless assets, Musk has openly expressed remorse for late investment in cryptocurrency.
Tesla’s investment in Bitcoin was revealed on February 8, when it said it bought $1.5 billion worth of Bitcoin in January 2021.
The company also announced that it plans to begin accepting cryptocurrency as a form of payment in the near future.