A billion dollar Bitcoin (BTC) gain for Tesla
In mainstream finance, some viewed Elon Musk’s bet with a dim view. Why invest so much in Bitcoin? However, it is clear that today, the bet of the fantastic CEO of Tesla was the right one.
The company specializing in electric cars has just published its third quarter results. The latter marks a … depreciation of Tesla’s BTC reserves of around $ 51 million.
However, as always with cryptocurrencies, it is necessary not to look at the immediate and to dive back a few months. However, since the beginning of the year, the realized capital gain has been around a billion dollars.
👉 To read – Tesla invests $ 1.5 billion in Bitcoin, the price of BTC explodes upwards
Bitcoin (BTC), Elon Musk’s winning bet for Tesla
Of course, the price of BTC against the US dollar is quite volatile. We must therefore always remain cautious, even with the recent all-time high of over $ 66,000.
Indeed, if we stick to Tesla’s announcements since the start of 2021, the value of BTC reserves has only grown. In the first quarter, Tesla’s accounts already mentioned an aggregate bitcoin value of $ 2.48 billion.
Thus, taking into account the dates of purchase, but also of sale of bitcoins in Tesla’s possession, the overall value of Tesla’s bitcoin reserves has doubled. It has indeed gone from 1.33 to 2.67 billion dollars.
👉 To read – Tesla sold some of its bitcoins to “prove the liquidity” of the cryptocurrency
Elon Musk and Tesla, drivers of the Bitcoin price explosion (BTC)
Elon Musk’s communication has often been criticized. For many, the CEO of Tesla is manipulating the market with his many contradictory tweets.
His messages are objectively ambivalent. In four months, he went from adding the hashtag #bitcoin to his Twitter bio to criticism of the environmental impact of mining. And we’re not talking about the many tweets in between.
However, after the fall of May, Bitcoin and cryptocurrencies have taken on a new lease of life. We also note that this increase is not due to Elon Musk or his sidekick Michael Saylor of MicroStrategy, but to a positive economic situation.
The cryptocurrency market seems less dependent on Elon Musk’s tweets than before, which is pretty good news for the industry.
It is also a good thing for Tesla, which continues to reap a very important capital gain thanks to its investments.
👉 To read – Is it too late to buy Bitcoin (BTC) in 2021?
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About the author: Benjamin Allouch
Formerly a lawyer specializing in personal data and digital law, I quickly became interested in Bitcoin, blockchain technology and their legal implications. I am now an independent consultant and writer in the field of cryptocurrencies and blockchain.
All articles by Benjamin Allouch.