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Tesla profits $600 million in two weeks with bitcoins

After announcing a billion dollar investment in bitcoins earlier this month, the electric cars maker Tesla has already made an astonishing profit in this short period of time, which can reach US $ 600 million, thanks in part to the support of the company owner, Elon Musk, who used Twitter to express his interest in cryptocurrencies.

Tesla’s investment was $1.5 billion, representing 10% of the company’s cash reserves and, therefore, had to be authorized by the Audit Committee of the Management Committee. of the company. In addition, Tesla has announced that it will start selling its vehicles with payments made in digital currency.

The transaction is part of a new strategy by Tesla, which plans to allocate part of its “cash” in what it calls “reserve in alternative assets” which, in addition to cryptocurrencies, include gold bars and funds backed by operations with this metal. These assets can be purchased and maintained “from time to time or in the long term”, according to the company’s statement.

Although it did not reveal the number of Bitcoins acquired nor its average purchase price, it is speculated that this value is approximately US $ 35 thousand in January.

The average appreciation of bitcoins in the last two weeks was around 45%. As of the date of publication of this story, a bitcoin is being quoted at $ 56,000. Although cryptocurrency is considered to be an incredibly volatile asset, the wallet ”picture” of Tesla’s portfolio today shows a value of $ 2.2 billion.

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