Tesla has already made more profit from Bitcoin than from its cars

Tesla has already made more profit from Bitcoin than from its cars

By bit.team

Last week, Tesla took a big step by buying $ 1.5 billion in BTC. The ripple effect it creates can lead to impressive profits.

Tesla’s Bitcoin Gain

According to numerous reports, Telsa is the reason that the price of Bitcoin reached a historic high of $ 50,000 on Tuesday. This has prompted other major companies to consider the idea of cryptocurrency as part of their network.

A single tweet by Tesla CEO Elon Musk in late January, which said only “#bitcoin” and “Looking back, it was inevitable,” led to a 20% increase in the value of the Cue Ball, according to Nasdaq. Of course, opening a $ 1.5 billion purchase only pushed the price of BTC through the roof.

If this growing rally continues, then we can only expect a new all-time high for BTC. If this is the case, then the cost of buying a Tesla will also increase many times.

According to a financial report in Yahoo!, taking into account today’s Bitcoin price, the purchase of Tesla for $ 1.5 billion could bring the company from 37,020 to 51,137 BTC, and an average of 44,079 Bitcoins.

It is noteworthy that the current price of the BTC is already about $ 51,760 at the beginning of Wednesday on CoinMarketRate. In this scenario, if Tesla has 51,137 BTC, then it is worth about $ 2.63 billion.

The financial report still shows the price of BTC from last Tuesday, which is $ 48,450. Analyzing this alone, Tesla made a minimum profit of $ 0.29 billion and a maximum profit of $ 0.98 billion.

The financial news publication notes:

“The profit from buying Bitcoin is also notable, as it may be more than Tesla received from its entire business in fiscal year 2020”.

It was noted that for the 2020 fiscal year, the electric car company received only $ 721 million.

Of course, Tesla never disclosed the exact amount of Bitcoin it received from the purchase. Now everyone is waiting to see whether Tesla will continue to hold its crypto assets, or sell them for profit.

Understanding the current value of BTC

For those who still can’t understand the value of Bitcoin today, here’s the story of a man who paid $ 1.8 million in BTC at today’s prices for his two used Honda sports cars.

The YouTuber, dubbed “NSXTRA,” told this story on the anniversary of his purchase of the Honda NXS Targa back in 2017. At the time, he got it for a seemingly lucrative deal at the time, just $ 30,500, and paid for it in Bitcoin.

In 2017, the price of BTC was only a few thousand dollars. Thus, the “deal” cost him only 30.5 BTC. However, today this amount is already about $ 1.5 million. Looking back, we can certainly say that this is not so important, but it’s a shame.

In addition to the Targa, the NSXTRA also told the story of another Honda sports car that it bought on Black Friday in 2018. At that time, the price of BTC was only about $ 4,300, so he spent 6.5 BTC on the purchase.

He mentioned that the value of his 6.5 BTC is currently already around $ 293,000. But taking into account today’s price jump of $ 51,348 (as of early Wednesday), this is already about $ 333,762.

“I certainly regret this, because today I would be able to buy a lot of NSX at this price,” says NSXTRA.

Given that this trend continues, we can only expect higher spikes for BTC. Elon Musk is already one of the richest men in the world, and his latest investment shows just how influential his trading moves can be.