$1,000 in Bitcoin when Tesla bought it: today’s value

Bitcoin BTC/USD reached new highs in March 2024, potentially rising further before the 2024 presidential election.

Let’s recap Tesla Inc’s Bitcoin purchase and its impact on investors.

What Happened: Tesla bought $1.5 billion in Bitcoin in January 2021, announcing it on February 8, 2021. This purchase boosted Bitcoin’s price, signaling a positive future for cryptocurrency.

Tesla sold $272 million of its Bitcoin in Q1 2021, benefiting its profitability with $128 million from the sale.

In 2022, Tesla sold 75% of its Bitcoin for $936 million. Recently, it reported $184 million in “digital assets,” possibly including Dogecoin DOGE/USD.

Tesla indicated it could adjust its digital asset holdings as needed. Recently, there were reports of Tesla moving Bitcoin to unknown wallets, hinting at a possible future sale.

Here’s how Bitcoin has performed since Tesla’s purchase.

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Investing $1,000 in Bitcoin: Bitcoin faced declines in 2022 due to macroeconomic factors and the FTX bankruptcy.

Fast forward to 2024, Bitcoin reached an all-time high of $73,750.07 on March 14, following Bitcoin ETF approvals.

On February 8, 2021, Bitcoin peaked at $46,203.93 after Tesla’s announcement, rising from $39,621.84 the day before. An investment of $1,000 could have bought 0.0216 BTC, now valued at $1,468.65 (up 46.9%).

If invested in Tesla stock, the $1,000 would now be worth $758.39 (down 24.2%). Conversely, an investment in the SPDR S&P 500 ETF Trust SPY would now be worth $1,491.58 (up 49.2%).

Bitcoin has outperformed many stocks over various periods, but not on the day Tesla announced its purchase.

Michael Saylor from MicroStrategy urged Elon Musk to invest cash into Bitcoin in December 2020. Had Musk acted then, Tesla’s returns would have been even greater.

Bitcoin’s recent highs highlight its potential growth.

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This article was published by Benzinga and has been updated.