Tesla’s Bitcoin Gambit and the Future of Digital Currencies as a Legitimate Asset

Barely a month after investing in bitcoin, Tesla’s profit has been publicized by analysts. According to the estimates released by an analyst from Wedbush Securities, Tesla has already made around $1 billion profit. Daniel Ives of Wedbush Securities revealed that the gains made by Tesla surpassed the profits that the company had made in 2020 from selling its electric vehicles.

Unsubstantiated reports indicate that the electric car maker firm purchased bitcoin in January, but the company didn’t disclose the exact date of the purchase and the price it bought bitcoin. It is still not yet known whether the firm has sold any bitcoin yet.

Ives said that: “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.”

As soon as Tesla made an announcement of its bitcoin investment, the value rose to a magical magnitude. According to CoinDesk data, the value has shot to over $57,000 as of February 22, 2021. As an advocate of cryptocurrencies, Tesla CEO Elon Musk had described bitcoin as a “simply dumb form of liquidity rather than cash.

Tesla’s bitcoin investment had earlier attracted a flurry of reactions on Wall Street about the prudence of the decision and the future of Bitcoin as a legal asset.

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