Tesla Raised $ 1 Billion From Bitcoin (BTC)

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?

Newsletter 🍞

Receive a recap of crypto news every Sunday 👌 And that’s it.

What to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.

About the author: Benjamin Allouch

twitter-soothsayerdata

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.

Back to top button