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

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Crypto-Labs | By Anubha Singh