Only a week or so ago, Tesla made headlines when the company invested $1,5billion into the cryptocurrency Bitcoin. It left TSLA investors puzzled, and questioning the reasoning behind such a move.
So far, though, Tesla’s Bitcoin investments are looking incredibly promising, with the $1.5 billion currently looking like it could make more of a profit than the company made in the fiscal year of 2020.
While Tesla didn’t disclose how much Bitcoin it holds or at what value they purchased the cryptocurrency, the value of the coin was between the value of $29,333 and $37,020 during the month of January. With the value now rising to $48,450, Tesla has made an estimated profit of $980 million already from the investment if it was purchased at its lowest point. If Tesla invested while Bitcoin was at its highest value in January, it would still have made $290 million.
2020 was Tesla’s first profitable fiscal year, with profits of $721 million. In 2019, it made a loss of $862 million.