https://youtu.be/ZO7f4hECX0g?t=154
Tesla is likely to have made a larger profit from its bitcoin investment in January than it did from selling electric cars in the whole of last year as the value of the cryptocurrency went through $1 trillion yesterday. Assuming that the electric carmaker holds as many bitcoins today as it did on January 31, it has made a paper profit of about $930 million, more than the $721 million profit it reported for 2020. Much has been made about the hefty sum that Tesla Inc. has invested in bitcoin, a speculative asset that has only been around since 2009. However, early estimates from prominent technology analyst Dan Ives sees the investment by the electric-vehicle maker, headed by outspoken Chief Executive Officer Elon Musk, already minting a digital paper profit of at least $1 billion, as the price of the asset soars to records. “Based on our calculations, we estimate that Tesla so far has made roughly $1 billion of profit over the last month…To put this in perspective,
Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its [electric vehicle] cars in all of 2020,” wrote Wedbush’s prolific analyst Dan Ives,
Earlier this month, Tesla Inc. TSLA, +6.18% became the latest and most well-known major corporation to take a stake in bitcoin, underscoring the increasing acceptability of the crypto. The Palo Alto, Calif.-based company, on Feb. 8, in a public filing said that it purchased $1.5 billion of bitcoin BTCUSD, +1.24% and that it expects to begin accepting payment in the cryptocurrency for its products in the future. The move by Tesla to invest in bitcoin was seen as further confirmation of the legitimacy of the nascent asset that didn’t exist until about 12 years ago. On Friday, bitcoin’s price soared to a record around $54,000 and breached a total market valuation of $1 trillion, further bolstering the perception of the crypto as a legitimate asset if not a nascent one. n\On Saturday, a single bitcoin extended its gain to a record at $57,492, according to CoinDesk. Bitcoin prices are up over 90% so far in 2021, according to FactSet data. By comparison, gold GC00, -0.27%, considered a rival to bitcoin, is down by about 6% in 2021. Meanwhile, the Dow Jones Industrial Average DJIA, +1.35% has gained nearly 3% thus far in the year, the S&P 500 index SPX, +1.14% has climbed about 4% and the Nasdaq Composite Index COMP, +0.99% has advanced 7.7% over the same period. Tesla’s stock, by the way, has climbed over 11% since the start of the year. The Wedbush analyst said it isn’t clear if Tesla’s bitcoin move is a stunt, aligned with the perception of Musk as an iconoclast, but still believes that it is likely that other corporations may be compelled to follow suit and swap some of their cash for bitcoins in the future. “We still expect less than 5% of public companies will head down this route until more regulatory goal posts are put in place around the crypto market, which is clearly starting to gain more mainstream adoption in 2021 and we believe will have a seismic impact for blockchain, payments, banks, and semis in the years to come,” Ives wrote. Nick Note: Elon Muskrat is the greatest snake oil sale man of our times. Its a freeging computer battery car. And everyone and their dog will soon be making them. And the people who are gearing up are experts at making cars. Tesla will lead the coming wipeout. For now he is making money on bitcoin another scam. He is losing a bundle on the rattle paddle piece of shit rich boy status machine. You can not drive them unless you fancy getting stuck on a country road…..