Tesla and Elon Musk’s investment in the crypto space is already proving to be a very good move so far as its stake in Bitcoin is already up by $1 billion. Bitcoin has rallied this past week and hit the $60K mark for the first time yesterday which was also a new five-month high this week.
According to Bitcoin Treasuries, an online monitoring resource, Tesla currently holds almost 43,200 BTC, with is worth almost $2.5 billion at today’s price. Tesla’s investment is now up by 65%, earning $1billion on what the electric automobile firm paid back in February when Elon Musk’s company revealed that it had added $1.5 billion in BTC to its balance sheet.
Tesla and its billionaire owner, Musk, have been delving deep into the cryptocurrency space for some time now. Tesla also announced that it was accepting cryptocurrency as a payment method shortly after investing $1.5 billion in Bitcoin.
CEO Elon Musk subsequently teased the Dogecoincommunity, stating that, the company was weighing up the potential of accepting the somewhat meme coin as payment for its electric vehicles. Surprisingly, Musk later revealed that Tesla was removing Bitcoin as a payment option, a move that sent the entire crypto space into turmoil as many had anticipated a spike in price as Dogecoin had after news broke of it being potentially listed as accepted crypto for Tesla payments.
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