Tesla’s investment in Bitcoin has been very successful, with the electric vehicle company now owning over $1 billion worth of the popular cryptocurrency. Tesla currently has 11,509 BTC, which has significantly increased in value as Bitcoin has reached an all-time high of $89,560. In February 2021, Tesla announced it had purchased $1.5 billion worth of Bitcoin for more flexibility and to maximize returns on their cash.
Since the start of this year, the value of Tesla’s Bitcoin holdings has more than doubled, reaching $495 million in profit by early November. The increase in Tesla’s Bitcoin value is driven by the soaring crypto prices rather than new acquisitions. Bitcoin’s market capitalization has reached $1.75 trillion, overtaking silver in global rankings.
