Tesla has reaped a hefty $1bn from its $1.5bn investment into cryptocurrencies, according to wealth management firm Wedbush Securities‘.
Speaking to CNBC, Wedbush analyst Daniel Ives said the car maker has made anything in the neighborhood of $1bn.
He's not convinced that Tesla's fruitful investment would stop there. In fact, Ives argues that Tesla stands to gain more, as market capitalization soared past $1tr, but then came crashing down right after as the currency began a course correction that is still ongoing.
The news may support Microsoft founder Bill Gates' recent statement that, unless you have as much money as Tesla, you should probably stay away from it.
Tesla bought its share of the digital gold when it was trading between $29,000 and $37,000, meaning the $58,000 mint has favored it majestically. Yet, Elon Musk's antics with Bitcoin on Twitter have been tracked by SEC.
You may think that this is an exaggeration but Musk's Saturday tweet that the value of Bitcoin is too high did cause the currency to slump.
The question remains if Tesla is going to unload its BTC portfolio. This seems unlikely for the time being, but Musk is once again holding the future of yet another cryptocurrency in his company's hands.
Should he decide to pull the plug of his investment, Bitcoin is going to start crashing. Then again, he believes that everyone should own some cryptocurrency. Hopefully, he thinks for Tesla, that amount is $1.5bn.
If you are looking to play with cryptocurrencies in the meantime, you can use your own Bitcoin at Bitcasino, 1xBit, or FortuneJack.
