On March 24, Tesla sold 10% of their Bitcoin and made a net profit of $272 million, skyrocketing their stocks.
Bitcoin is the unique and trendiest cryptocurrency, diffusing since 2009.
Similar to the cryptocurrency market itself, Elon Musk has had his highs and lows when it comes to bitcoin itself.
Drawn to it in 2019, Musk considered cryptocurrencies more gravely from a technological perspective and as a potential business frame of mind.
Bitcoin Shatters Limits
Tesla reported on February 8, 2020, that they had purchased $1.5 billion worth of Bitcoin, and plan to acquire cryptocurrency as payment for its products.
Since then, Bitcoin’s contemporary unsurpassed amount is approximately $58,000 and it was attained on February 21, 2021.
Undoubtedly, this aided, to some extent, the statement tweeted by Elon Musk.
Further, Musk tweets that Tesla EV buyers can now pay via Bitcoin. That’s why Elon Musk had the official title, The Technoking of Tesla.
Tesla Stock Since Broadcasting Bitcoin Investment
Tesla allows clients to deposit and/or finalize purchases of its EVs through bitcoin.
On March 24, Tesla sold a fraction of its bitcoin in Q1 for $272 million. The sale abridged the earnings’ position for Tesla by 10%.
Concurrently, Elon Musk’s company deals with the global supply chain and is certain that the bitcoin market is a liquid one with a bright future, especially for Tesla.
Having said that, Elon Musk tweets that he has not touched a single bitcoin of his personal stash, and it was all Tesla.
Tesla and Elon Musk have almost invariably been fortunate, despite the ups and downs which is normal to any company. Elon Musk has shown an interest in bitcoin starting with video games at first, then taking it to a whole global new level. It goes without saying, he had succeeded. With this substantial victory scooped a few days ago, the unexpected surplus of 272 million dollars, who knows what Tesla, Musk, and Bitcoin have on the docket? Over the years, they’ve been nothing but remarkable and overwhelming.
Drop a comment in the box below, and let us know what you think!