$TSLA $1 Billion in Profits from Bitcoin: Wedbush’s Dan Ives
Tesla’s (TSLA) investment in Bitcoin (BTC-USD) has garnered the electric vehicle company about $1 billion in profits — at least on paper, according to estimates from Wedbush Securities Managing Director Dan Ives.
“That’s more than all they made on EV vehicles in 2020, but that continues to be the double-edge sword. It’s going to add risk to the story, and we’re seeing that in terms of the volatility,” Ives told Yahoo Finance Live on Monday.
Earlier this month Tesla announced it had invested about $1.5 billion in bitcoin and may accept the cryptocurrency for payment of products in the ‘near future.’ That day the price of bitcoin shot up to new highs, surging nearly 14%.