$1,000 in Bitcoin since Tesla bought? See today’s value

Bitcoin (BTC/USD) reached new highs in March 2024, potentially climbing higher before the 2024 presidential election.

This article reviews Tesla Inc’s (TSLA) investment in Bitcoin and its impact on investors.

Background: Tesla purchased $1.5 billion worth of Bitcoin in January 2021, announcing it on February 8. This move positively influenced Bitcoin’s price and sentiment in the market.

Tesla later sold $272 million of its Bitcoin in Q1 2021, contributing $128 million to its profits. By the second quarter of 2022, the company had sold 75% of its Bitcoin, generating $936 million.

Currently, Tesla’s balance sheet lists $184 million in “digital assets,” possibly including Bitcoin and Dogecoin (DOGE/USD), which can be used for purchases on Tesla’s site.

Tesla has indicated it might change its digital asset holdings based on market conditions and business needs. Recent actions suggest possible movements in their Bitcoin holdings could precede another sale.

Bitcoin Investing Overview: After significant drops in 2022 due to various market issues, Bitcoin surged again in 2024, boosted by Bitcoin ETF approvals, reaching a high of $46,203.93 on February 8, 2021, from $39,621.84 the previous day.

An investment of $1,000 in Bitcoin at its high on February 8, 2021, would now be worth $1,468.65, marking a 46.9% increase. Conversely, the same investment in Tesla would be valued at $758.39, a decline of 24.2%.

While Bitcoin has outperformed Tesla since Tesla’s purchase, it hasn’t outperformed the SPDR S&P 500 ETF Trust (SPY), which has grown to $1,491.58, a 49.2% increase.

Investors in Bitcoin have generally outpaced top stocks and indexes over time, except for the day Tesla made its purchase announcement.

Future Considerations: Michael Saylor of MicroStrategy had encouraged Elon Musk to invest in Bitcoin back in December 2020, which could have yielded better returns for Tesla.

Bitcoin reached an all-time high of $73,750.07 on March 14, 2024.

Read Next:

• If You Invested $1,000 In Bitcoin When Warren Buffett Called It ‘Rat Poison Squared,’ Here’s How Much You’d Have Today

This article was updated from its original publication by Benzinga.