Summary List Placement
Tesla has made roughly $1 billion on its bitcoin investment, according to Wedbush analyst Dan Ives.
The electric-vehicle maker is set to make more from bitcoin than profit from car sales in 2020, he said.
Wedbush expects less than 5% of public companies to head down the same route.
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Tesla has racked up paper profits worth $1 billion on its bitcoin investment as the price of the cryptocurrency soars, according to estimates by Dan Ives, an equity analyst at Wedbush Securities.
“Based on our calculations, we estimate that Tesla so far has made roughly $1 billion of profit over the last month from its Bitcoin investment given the skyrocketing price of Bitcoin, which now tops a trillion of market value,” Ives wrote in a note published Saturday.
The company “is on a trajectory to make more from its Bitcoin investments than profits from selling its EV cars in all of 2020,” he added.
Earlier this month, the electric-car maker disclosed an investment of $1.5 billion in bitcoin and said it would soon begin to accept the digital asset as payment for its products. Following the announcement, …read more
Source:: Businessinsider – Tech