Your $1,000 Bitcoin investment during Tesla’s buy is now worth..

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

This article reviews Tesla’s Bitcoin investment and the profits investors could have seen by following the company’s lead.

Tesla’s Bitcoin Purchase: While MicroStrategy started accumulating Bitcoin in 2020, Tesla made its first purchase of $1.5 billion in January 2021, disclosed on February 8, 2021. This announcement significantly boosted Bitcoin’s price.

Tesla later revealed that it sold $272 million worth of Bitcoin in Q1, which positively impacted its profits. In Q2 of 2022, Tesla sold 75% of its Bitcoin for $936 million.

Recently, Tesla reported $184 million in “digital assets” on its balance sheet, likely including Bitcoin and Dogecoin DOGE/USD. The company stated it could adjust its digital asset holdings at any time.

There are reports that Tesla is moving its Bitcoin to different wallets, possibly hinting at another sale.

Investment Performance: Bitcoin struggled in 2022 due to macroeconomic issues and events like the bankruptcy of FTX. However, it reached all-time highs in March 2024, boosted by Bitcoin ETFs and institutional purchases.

On February 8, 2021, Bitcoin peaked at $46,203.93, up from a previous high of $39,621.84. A $1,000 investment at that time could have bought 0.0216 BTC, worth $1,468.65 today, reflecting a 46.9% gain.

In comparison, a $1,000 investment in Tesla stock would now be worth $758.39, down 24.2%. However, both Bitcoin and Tesla underperformed the SPDR S&P 500 ETF Trust SPY, which is now worth $1,491.58 (up 49.2%).

Though Bitcoin has generally outperformed many stocks and indexes, it hasn’t done so since Tesla made its purchase. MicroStrategy’s co-founder, Michael Saylor, urged Elon Musk to invest in Bitcoin in December 2020, which would have yielded better returns.

As of March 14, 2024, Bitcoin hit an all-time high of $73,750.07.

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 previously published by Benzinga and has been updated.