From investing in Bitcoin Tesla made $1 billion.

By investing $1.5 billion in bitcoin Tesla took a huge bold step when it appeared others were still testing the waters regarding crypto adoption. However, the step taken by Tesla now appears to be a profitable one as a new report revealed it has allegedly made about a $1 billion return on its investment.

The Managing Director at Wedbush,Daniel Ives, commented that the carmaker is on the path of making more profits on its investment than it made selling cars in 2020. The move by Tesla is going to influence other large institutions to follow suit in the coming months, he noted.

An analyst revealed that the investment of the electric car maker in the flagship cryptocurrency is likely to yield greater returns than the whole profits it made selling cars in 2020.

However, Ives believes that not all companies will embrace the move due to regulatory concerns. He noted that only about 5% of the companies might follow after the Elon Musk-owned company step into Bitcoin unless there is a major regulation in the crypto market.

In February, the company revealed in its filing with the SEC that it bought $1.5 billion worth of Bitcoin. However, the price of the coins at the time of purchase and the exact quantity purchased is unknown.

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