American electric vehicle manufacturing company Tesla’s Bitcoin holding has yielded $1 billion in profit eight months after purchase.
Elon Musk announced in February that the electric car company has bought $1.5 billion worth of bitcoin for “more flexibility to further diversify and maximize returns on our cash.”
Well, Elon seems to have made the right decision as the company’s 43,200 BTC stash is now worth roughly $2.5 billion at today’s prices based on statistics published by an online monitoring resource, Bitcoin Treasuries.
This data proves that companies should start considering diversifying their investment portfolios by investing in BTC and other cryptocurrencies.
In the last 24 hours, bitcoin is up by 4.51%, with a current price of $57,572.65 as at the time of writing this. Within 24 hours, bitcoin dropped to $54,554.44 low and $58,518.60 high. The trading volume of bitcoin in the last 24 hours is $1.38B. The current market capitalization of bitcoin is $1.08T. Currently, $18.84M bitcoins is in circulation.
Stats and Image from Coin Desk
Other companies that have invested and profited from their BTC stash include Michael Saylor’s MicroStrategy, with the highest Bitcoin holding of 114,041 BTC. MicroStrategy’s $3.1 billion worth of Bitcoin has almost doubled to $6.5 billion at the current price.
Jack Dorsey’s Square $220 worth of Bitcoin is now worth $462 million.
Bitcoin price has enjoyed a price rally this October, which saw the price exceed $58,000.