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Saturday, July 24, 2021

Tesla earned more from bitcoins than selling cars last year

Elon Musk’s Tesla electric car company, which invested $ 1.5 billion in bitcoins in January, has already earned more from it than from selling cars for the entire last year. The Bell writes about this with reference to the calculations of Bitcoin treasuries.

The company said that it will not yet register income from cryptocurrencies, the value of which has renewed a record again.

Tesla profit

Since January, Tesla has earned $ 1.08 billion on bitcoins, the Bitcoin treasuries portal calculated. The company bought 48,000 bitcoins for $ 1.5 billion, now they are already worth $ 2.58 billion.

Tesla earned $ 721 million in car sales in 2020, according to The Times.

For now, the company will consider cryptocurrency as an intangible asset with an unlimited period of use.

Tesla is going to register profit from the rise in bitcoin prices only after their sale.

Background

Earlier, bitcoin rose in price by 23% after Tesla announced its investment in the cryptocurrency.

The company told the US Securities and Exchange Commission (SEC) that it plans to buy bitcoin in the amount of $ 1.5 billion.

Later it became known that the Coinbase crypto exchange helped carry out the Tesla operation.

The head of Tesla Musk the day before called the purchase of bitcoin “recklessness for the company from the S & P500. On February 20, the cost of the cryptocurrency exceeded $ 57 thousand for the first time.

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