‘While the Bitcoin investment is a side show for Tesla, [it is] 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,’ says Ives
by Mark DeCambre
Market Watch
However, early estimates from prominent technology analyst Dan Ives sees the investment by the electric-vehicle maker, headed by outspoken Chief Executive Officer Elon Musk, already minting a digital paper profit of at least $1 billion, as the price of the asset soars to records.
“Based on our calculations, we estimate that Tesla so far has made roughly $1 billion of profit over the last month…To put this in perspective, Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its [electric vehicle] cars in all of 2020,” wrote Wedbush’s prolific analyst Dan Ives, in a note published on Saturday afternoon.