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Tesla's bitcoin investment reportedly made more profit this year than car sales in the whole of 2020

Tesla's bitcoin investment reportedly made more profit this year than car sales in the whole of 2020

Bitcoin's historic rally has been a source of debate.
Dado Ruvic/Reuters




Tesla disclosed in a SEC filing on Feb 8 that it purchased $1.5 billion of bitcoin.




If its holding has remained the same size, it will reportedly have made a $930 million profit.




That's almost 30% more than the company made from car sales in 2020, the Times of London reported.




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Tesla's $1.5 billion bitcoin investment didn't just make headlines, it has also made the company more profit than its car sales last year, according to a Times of London report.On Friday, the cryptocurrency smashed through the $55,000 level, bringing its market cap above $1 trillion. This means if Tesla owns the same amount of Bitcoin as it did on January 31, it made a paper profit of about $930 million since January. That's almost 30% more than its $721 million revenue from electric vehicles.Bitcoin's historic rally has been a source of debate across the investing community, with many concerned that its 546% year-on-year gains (according to CoinDesk data) might have created a bubble and UBS flagging that the asset could be 'worthless'.However, Tesla's CEO, Elon Musk, defended the investment. "Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company," Musk tweeted on Thursday, responding to a Bloomberg interview with Binance CEO Changpeng Zhao.
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