According to reports, the famous Tesla Inc. has sold a portion of its Bitcoin, which has generated a net profit of $272 million. Earlier this year in February, Tesla announced that it purchased Bitcoin worth $1.5 billion, which diverted plenty of attention towards the flagship cryptocurrency.
The manufacturer of electric vehicles has once again been highlighted as it announced the sale of some of its Bitcoin in the first quarter of 2021. According to Tesla’s quarterly financial statement, there has been a notable “positive impact” of $101 million as a result of selling the Bitcoin.
Tesla has stated:
“Year over year, positive impacts from volume growth, regulatory credit revenue growth, gross margin improvement driven by further product cost reductions and sale of Bitcoin ($101M positive impact, net of related impairments, in Restructuring & Other line), were mainly offset by a lower ASP, increased SBC, additional supply chain costs, R&D investments and other items. Model S and Model X changeover costs negatively impacted both gross profit as well as R&D expenses.”
Tesla is best known for manufacturing electric-automobiles in the United States. However, the company has also proceeded towards becoming a technology and design company that focuses on energy innovation. As announced by Tesla, the company will now be accepting Bitcoin as payment for buying its cars without the need to convert the cryptocurrency into a fiat currency. Keeping this statement in view, it might be a good time for car and crypto enthusiasts to invest in Bitcoin with the help of a secure exchange such as SwissBorg.
Cryptocurrencies, especially Bitcoin has acquired recognition in the last few years. It has made its way into organizations on a global scale and is constantly proving to be useful. Therefore, people inclined towards cryptocurrency should keep an eye on the Bitcoin market trends and invest by using exchanges such as Kraken or Swissborg.