Tesla announced on Monday that it earned $101 million from the investment, helping it beat analysts’ profit estimates for the first quarter of the year.

Traded Above the Bitcoin price of $54000

Bitcoin increased in value after Tesla Inc. reported a $272 million gain on “digital assets” following its $1.5 billion investment in the cryptocurrency. Bitcoin gained 1.9% and Traded above the Bitcoin price of $54000

The electric vehicle market leader said Monday that the investment generated $101 million in revenue, helping it beat analysts’ profit estimates for the first quarter of the year.

Bitcoin gained up to 1.9 percent and traded above the Bitcoin price of $54000 after Tesla’s chief financial officer reaffirmed the company’s commitment to the digital currency.

“We do believe long-term in the value of Bitcoin,” CFO Zachary Kirkhorn said on the conference call. “It is our intent to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”

Tesla announced its purchase of the digital currency earlier this year and stated that it would accept it as payment. That unexpected announcement boosted Bitcoin’s legitimacy and fueled a price increase.

Source : mint

ethereum price

Dai vs. Traditional Fiat: Examining the Advantages and Disadvantages

In the world of finance, the emergence of cryptocurrencies has brought about significant changes to the traditional financial landscape. One such cryptocurrency that has gained considerable attention is Dai. In ...
Read More

Finding the Best Crypto News Sources in 2023

The cryptocurrency market is fast-paced and ever-changing. With new projects launching, regulations shifting, and prices fluctuating daily, it's essential for crypto investors to stay up-to-date on the latest developments. However, ...
Read More

Top 5 Best Memecoins in 2023

It's the year 2023, and the meme culture got more popular than anytime. Every industry started to use memes for marketing or purely for fun. The crypto space is not ...
Read More

Momentum Trading in Cryptocurrencies: Riding the Price Trends to Profit in 2023

In the ever-evolving world of cryptocurrencies, momentum trading has emerged as a prominent strategy for savvy investors seeking to capitalize on price trends. With the volatile nature of digital assets, ...
Read More
Australian crypto exchange launches learning scheme

Australian crypto exchange launches learning scheme

There has barely been a day over the past year or so when crypto has been out of the news in Australia. It all began with the sudden collapse of ...
Read More
Share with Others