Tuesday, February 23, 2021

Tesla earned more on bitcoins in two weeks than on car sales in 2020


Tesla has earned $ 930 million on bitcoin since February 8, while the company’s total profit last year was only $ 721 million.

American electric car manufacturer Tesla, founded by Elon Musk, earned more from bitcoins in two weeks of 2021 than in all of 2020 thanks to the sale of its cars. This was reported on February 20 by The Times.

According to the publication’s estimates, the company has already earned $ 930 million from cryptocurrency, while its total profit last year was only $ 721 million.

Tesla has invested $ 1.5 billion in bitcoins. After the publication of this information on February 8, the price of bitcoin increased by 13%, exceeding $ 44.7 thousand, and continued to grow until it reached a record high of $ 57 thousand on February 20. Musk himself considers the bitcoin rate to be overvalued.

As of the morning of February 23, the bitcoin rate fell by 12% and amounted to $ 49 thousand.

Reuters noted that cryptocurrency rate is growing thanks to demand from large investors who expect cryptocurrency to become the main payment method. According to the agency, some investors were previously held back by the opaque nature of the cryptocurrency market. Strengthening oversight of the US crypto industry has helped address this issue.





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