Tesla can make more money from Bitcoin than from selling cars

Another week, another wild ride on Elon Musk’s great cryptocurrency roller coaster. Here’s what you can do if you’re one of the richest men in the world:

Just talk about crypto and watch the market value rise. With Musk, this happens every time he calls out the meme-tastic Dogecoin ($ DOGE).

While Musk has hinted that he thinks the existence of Dogecoin is just funny, he and Tesla take Bitcoin (BTC) absolutely seriously, and Tesla’s recent purchase of $ 1 billion in BTC, the leading cryptocurrency, was lucrative, according to multiple reports.


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The New York Post reports more on how Tesla’s crypto investment has already paid off a billion dollars thanks to the continued appreciation of BTC:


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The staggering returns took place amid an explosive Bitcoin rally with Musk fueling himself. The price of a single bitcoin has risen 42 percent since February 7 – the day before Tesla announced its investment – and accounts for more than half of its profits this year, according to CoinDesk data.

“To put this in perspective, Tesla is well on its way to getting more out of its Bitcoin investments than selling it [electric vehicle] Cars throughout 2020, ”wrote Daniel Ives, an analyst at Wedbush Securities, in a research report on the company’s foray into the crypto industry.

That’s the thing – given that Bitcoin continuously peaked over the weekend, rising to $ 58,000 before dropping back into the $ 51,000 zone on Monday, getting into Bitcoin is a breeze investing when you have enough money to see monsters will benefit from even a minimal market surge.

Still, Musk himself admitted that current prices for Bitcoin and the next most valuable crypto, Ethereum ($ ETH), are steep. Peter Schiff, Chief Market Strategiest and Senior Economist for Euro Pacific Capital, tagged Musk in a tweet on Friday entitled “According to @elonmusk, Bitcoin is almost as BS as Fiat Money”. So Musk considers both #Bitcoin and Fiat to be BS. I agree, I just think that Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It’s real money and better than both! “

Musk responded with a couple of tweets, partially writing, “Money is just data that enables us to avoid the inconvenience of bartering. That data, like all data, is subject to latency and errors. The system will evolve to minimize both. ” . “Then:” That means BTC & ETH seem high lol. “

The Post notes that just from Musk’s tweets alone, Bitcoin’s total value rose to $ 1 trillion over the weekend, especially after he tweeted that it was “a less stupid form of liquidity than cash” .

Other large companies, including Mastercard, are following Tesla’s lead with crypto. However, the Post re-cites the memo from Wedbush Securities analyst Daniel Ives, who states that “while bitcoin investing is a sideline for Tesla, it is clearly a good starting investment and a trend we would expect it to be could affect other citizens. ” Business in the next 12 to 18 months. “

At noon on Monday, February 22nd, Bitcoin was holding at $ 53,643 and Tesla shares had climbed to $ 850.

There will always be fluctuations, but prices that are too high or not, it doesn’t look like the crypto train will stop anytime soon.

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