Leading the automotive industry, Tesla came to the fore with its investment in the crypto money sector. Tesla earned more revenue from vehicle sales with Bitcoin.
How much revenue did Tesla generate with Bitcoin?
Tesla’s CEO Elon Musk has also been known for his closeness to the cryptocurrency market for a long time. It was even claimed that Musk was Satoshi, the founder of Bitcoin.
According to information shared by a private investment firm Wedbush Securities, Tesla made more of its profit from the vehicle sale with Bitcoin. Tesla had previously purchased about $ 1.5 billion worth of Bitcoin. Since this purchase, the value of Bitcoin has increased by more than 48 percent.
According to Wedbush Securities, Tesla’s revenue from Bitcoin has exceeded $ 1 billion in a very short time. This shows that Tesla earned more revenue with Bitcoin than the profit from the electric vehicle sale in 2020.
Tesla, which delivered more than 500 thousand vehicles in 2020, had only $ 721 million in profit. In 2019, it managed to make a profit of $ 826 million.