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$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 โ€” at least on paper, according to estimates from Wedbush Securities Managing Director Dan Ives.

“Thatโ€™s more than all they made on EV vehicles in 2020, but that continues to be the double-edge sword. Itโ€™s going to add risk to the story, and weโ€™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%.

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