Bitcoin does not stop generating profits for those companies and investors who decided to bet on the cryptocurrency. And is that, in recent months, companies like MicroStrategy invested in BTC since last year, have seen their capital grow steadily thanks to the cryptoactive. But even companies that invested more recently in cryptocurrency are winning big. Well, Tesla has made more than a billion dollars thanks to Bitcoin.
Big companies see Bitcoin
For many years, anyone who appeared from the world of traditional finance to buy Bitcoin was seen as an outcast. And, the cryptocurrency until very recently was seen as little more than a speculative instrument with no real value. A virtual currency designed by computer geeks, but could never compete with traditional fiat money.
This started to change since the beginning of last year. When institutional investors, faced with the expansion of the crypto world and the strengthening of its infrastructure, began to invest millions of dollars in BTC, taking advantage of the fact that this increase in demand did not cause the price of the cryptocurrency to grow, due to the rise of decentralized finance and the diversion of funds from Bitcoin to Ethereum.
However, the turning point for the crypto market came in the month of August. When business software company MicroStrategy decided to invest millions of dollars of its cash reserve in Bitcoin. Becoming the first traditional company to acquire cryptocurrency as a store of value asset. And being the inspiration for Tesla and Elon Musk’s later move.
1 billion dollars for Tesla
And it is that, recently the main automotive company in the world, Tesla, announced the investment of 1,500 million dollars of its cash reserve in Bitcoin. In what became the highest-profile cryptocurrency purchase since the MicroStrategy move. Driving a substantial increase in the price of the cryptocurrency.
Tesla has made more than a billion dollars thanks to Bitcoin. Source: CoinDesk
Something that has not only put Elon Musk’s company in the media eye. If not, it has also generated great profits. Thus, Wedbush Securities analyst Daniel Ives calculates that Tesla has generated more than a billion dollars in profits in recent days thanks to its investment in BTC. Which would put the company on track to generate higher revenue from Bitcoin than from 2020 electric car sales.
“Although investing in Bitcoin is secondary to Tesla, it is clear that it has been a good initial investment and a trend that we hope can have a ripple effect for other public companies in the next 12 to 18 months,” commented Ives.
Thus, the profits generated by Tesla in record time thanks to Bitcoin, could open the door to the massive entry of institutional companies in Bitcoin. An event that many analysts hope will begin to occur in the coming months.
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