"Tesla is on track to get moree its Bitcoin investments only profits from the sale of its EV cars (electric vehicles) in all in 2020. While the Bitcoin investment is a side exposure for Tesla, it is clearly a good initial investment and a trend that we anticipate could have a ripple effect for other public enterprises over the next 12 to 18 months. "
Throughout last year and into early 2021, Bitcoin has seen a huge rally as the price of a coin rose from $ 7,347 in January 2020 to a recent high of $ 57,489 on February 21 of this year. In fact, Bitcoin's market value recently hit. $ 1 billion for the first time and so far cryptocurrency is up 94% since the start of the year.
Although Ives didn 't have not explained how he arrived at his calculations when it came to the investment ofe Tesla in Bitcoin already hitting $ 1 billion, based on data from CoinDesk , the cryptocurrency went from a high of $ 34,793 on January 31 to a high of $ 57,487 on February 20, the day it released its rating.
Although Tesla CEO Elon Musk has been a supporter of Bitcoin and even Dogecoin online, in a recent series of tweets he compared cryptocurrencies to fiat currencies, saying:
"Tesla 's stock does not directly reflect my opinion. Having Bitcoin, which is simply a less stupid form of liquidity than cash, is adventurous enough foran S & P500 company. To be clear, I am * not * an investor, I am an engineer. I don't even own any publicly traded shares outside of Tesla. However, when fiat money has negative real interest, only a fool wouldn't look elsewhere. Bitcoin is almost as good as fiat money. The key word is "almost".
Only time will tell whether or not other big companies decide to follow in Tesla's footsteps, but so far his decision to invest in Bitcoin has paid off.