Tesla says bitcoin investment worth $2.48 billion

Tesla made the cryptocurrencies so mainstream by announcing that it will accept payment via bitcoin.
By : HT Auto Desk
| Updated on: 28 Apr 2021, 17:46 PM
Tesla CEO Elon Musk has been a staunch supporter of digital currencies.
Tesla CEO Elon Musk has been a staunch supporter of digital currencies.
Tesla CEO Elon Musk has been a staunch supporter of digital currencies.
Tesla CEO Elon Musk has been a staunch supporter of digital currencies.

US-based electric vehicle manufacturer Tesla Inc on Wednesday said that the fair market value of bitcoin the company held as of March 31 was $2.48 billion, suggesting that it could stand to make around $1 billion dollars out of the bitcoin investment had it been transformed to cash.

(Also Read: Elon Musk claims Tesla Model Y to be world’s top-selling vehicle in 2022 or 2023)

Tesla is currently the most valuable automaker in the world. The automaker said that it had bought or received $1.5 billion in bitcoin by the end of the first quarter. It reiterated in its regular report that it had trimmed its position by 10% during the quarter.

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Interestingly, while there have been mixed sentiments about bitcoin and other cryptocurrencies, Tesla came out openly supporting the digital currencies. It even announced that from now on the customers who will buy a Tesla car, can pay the price using cryptocurrency.

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Tesla said proceeds from sales of digital assets amounted to $272 million with a $101 million "positive impact".

The electric car manufacturer added that it recorded $27 million of impairment losses on its bitcoin investment in the three months ended March.

Meanwhile, Tesla has claimed that its Model Y will be the world’s top-selling vehicle in 2022 or 2023.

Tesla CEO made the claim about the Model Y during the carmaker's Q1 earnings call.

(With inputs from Reuters)

First Published Date: 28 Apr 2021, 17:45 PM IST
TAGS: Tesla bitcoin
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