Monday February 22, 2021 10:56 AM
1 week 2 hours ago
Tesla is "on a trajectory to make more from its Bitcoin (BTC-USD) investments than profits from selling its EVs cars in all of 2020." That's according to Wedbush's Dan Ives, which gave the estimate in a research note on Saturday. While he didn't lay out the numbers, Bitcoin has climbed about 65% since Jan. 31, which would put the profit on Tesla's $1.5B bitcoin investment at around $975M.Quote: "We still expect less than 5% of public companies will head down this route until more regulatory goal posts are put in place around the crypto market," continued Ives. "While the Bitcoin investment is a side show for Tesla, it's clearly been a good initial investment and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months."Bitcoin's market cap even hit $1T on Friday as it continued to rally into record territory.