Analyst Says Tesla Made $1Bn In Profit From Bitcoin Investment

According to Daniel Ives, an analyst at Wedbush Securities, Tesla has made around $1Bn from its investment in Bitcoin. Ives says that Tesla is set "to make more from its Bitcoin investments than profits from selling its EV cars in all of 2020”. In January, Tesla bought $1.5 billion worth of Bitcoin in order to “further diversify and maximize returns on our cash”. The company also announced that it would soon begin to accept the cryptocurrency as payment for its products. Bitcoin’s market value recently surpassed $1 trillion for the first time. While the Bitcoin investment is a sideshow for Tesla, it’s clearly been a good initial investment, Daniel Ives, Analyst at Wedbush Securities