Elon Musk: Tesla Made $1 Billion Off Investment In Bitcoin

Tesla founder Elon Musk has announced his electric car company has made $1 billion off its investment in bitcoin as the cryptocurrency topped $60,000 on Friday.

Tesla now owns 42,902 in bitcoin, according to bitcoin treasuries, as the electric car company added $1.5 billion in cryptocurrency in February. Its overall investment in the growing crypto market is worth about $2.5 billion.

The world’s most popular crypto exchange has gained 23% over the past month as its ETF is set to launch on Tuesday.

Tesla sold 10% of its bitcoin in the second quarter. Tesla’s net profits from its cryptocurrency holdings are $1.14 billion and its revenue is close to $12 billion.

Tesla has temporarily suspended vehicle purchases using bitcoin due to concerns of increased fossil fuel use in bitcoin mining. The company says it plans to resume taking bitcoin payments once the network shows a higher mix of renewable energy.

Musk has been known as a crypto influencer. His comments on social media, particularly on Dogecoin and other pet cryptocurrencies, have contributed to the volatility of the market.