Connect with us

Electric Cars

Bitcoin made Elon Musk and Tesla rich



According to the Independent, Elon Musk’s Tesla has earned more than $ 1 billion since the beginning of this year from investments in Bitcoin that were made in January.

Over the past 10 weeks, the Bitcoin rate has increased significantly. Earlier this year, the electric car maker used $ 1.5 billion of its cash reserves to buy roughly 48,000 bitcoins when the cryptocurrency was trading between $ 30,000 and $ 40,000.

When Bitcoin hit a new all-time high of $ 64,863 this week, Tesla’s assets in that cryptocurrency were briefly worth over $ 3 billion. At the moment, the Bitcoin exchange rate has corrected, the cryptocurrency is worth just over $ 60,000.

Back in February of this year, we reported that in a short time, due to the growth of the Bitcoin exchange rate, the company earned more than from car sales throughout 2020. The company’s operating income for the year was $ 721 million.

When Tesla first announced its investment in Bitcoin, the price of the cryptocurrency rose 14% in just a few minutes. Since then, Bitcoin has continued to grow steadily, regularly setting new records.

In particular, thanks to this, Elon Musk soared to second place in the ranking of the richest people in the world, according to Forbes.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Latest News

News17 mins ago

Users will be able to replace switches in the Epomaker AK84S mechanical keyboard

A fundraising campaign for the Epomaker AK84S 84-key wireless mechanical keyboards has been organized on Kickstarter. A feature of this...

News1 hour ago

Microphone SPC Gear SM950 Onyx White addressed to streamers

SilentiumPC has introduced SPC Gear for those who are fond of streaming. The SPC Gear SM950 Onyx White microphone is...

Components1 hour ago

Roccat Kone Pro and Kone Pro Air gaming mice are on sale

Turtle Beach has announced the launch of the Roccat Kone Pro and Kone Pro Air gaming mice. The buttons on...

News5 hours ago

Bill Gates lost his seat on the board of directors of Microsoft due to an intimate relationship with an employee of the company

According to The Wall Street Journal, Microsoft’s board members decided last year that Bill Gates, the company’s co-founder and former...

Phones6 hours ago

The global version of the popular smartphone Redmi Note 9 has fallen in price

The global version of the popular Redmi Note 9 smartphone is available on AliExpress for just $ 144. Redmi Note...

News6 hours ago

Developing Countries Fight To Buy Huawei Data Centers Despite US Espionage Warnings

Since 2006, many developing countries have signed agreements with Huawei to provide data centers and cloud infrastructure. A study by...

Phones7 hours ago

Honor revealed details about the new smartphone before the announcement

Honor has officially announced that the new flagship smartphone Honor Play 5 will be equipped with a 6.53-inch OLED screen....

News7 hours ago

It’s not like Apple. The company introduced a “new generation of sound” at no additional cost

Apple today announced Spatial Audio with Dolby Atmos support, coming to Apple Music. The soundtrack is multidimensional and therefore more...


Most Popular