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Home / Business / Tesla has already profited from $1.5 billion in Bitcoin over car sales in 2020: Wedbush

Tesla has already profited from $1.5 billion in Bitcoin over car sales in 2020: Wedbush



Elon Musk’s electric car company is ready to profit more from its electric cars Bitcoin investment According to the data in January, its auto sales for the whole year of 2020 will be less than the sales of all its cars A note from Wedbush Securities, an American research company.

Tesla revealed earlier this month that it purchased $1.5 billion worth of Bitcoin In January. After Tesla disclosed, Bitcoin Prices have soared like the rockets of SpaceX, another Musk company. Moments after the news, the price of Bitcoin rose by 8.5%.

Bitcoin has been on the rise: 1

2 days later, Bitcoin broke through $57,000 and has a market value of nearly $1 trillion.

Wedbush analysts Dan Ives and Strecker Backe estimate that Tesla has already made a $1 billion profit from its Bitcoin investment. In comparison, Tesla reported a profit of $721 million in fiscal year 2020. (This is assuming that Tesla has not yet sold any bitcoins it bought in January.)

Musk helped raise the price of Bitcoin by tweeting to his 47.5 million followers on Twitter. When he changed his Twitter bio to “#Bitcoin#”, the price of Bitcoin rose by 13% in one hour. Musk also defended against critics. When Gold Bugs and Bitcoin critic Peter Schiff, who runs Europac, tweeted that gold is superior to cryptocurrencies, Musk disagreed and tweeted: “An email says You own gold is not the same as owning gold. You may also own cryptocurrency.”

Wedbush called Bitcoin investment a “Tesla’s side show”, but also believes that it may have a “chain reaction” on listed companies in the next year and a half.

Even so, the company predicts that less than 5% of public companies will copy Tesla’s Bitcoin investment, “until more regulatory target positions are released around the regulator. Cryptocurrency market. ”

Wedbush remains optimistic that cryptocurrencies “will Blockchain, Payment, bank and quasi currency”.

Disclaimer

The views and opinions expressed by the author are for reference only and do not constitute financial, investment or other advice.




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