$1,000 in Bitcoin when Tesla bought is worth today

Bitcoin BTC/USD reached new highs in March 2024, possibly continuing its rise ahead of the 2024 presidential election.

Let’s revisit Tesla Inc’s TSLA involvement in Bitcoin and its potential impact on investors.

What Happened: Although MicroStrategy was the first to add Bitcoin to its balance sheet, Tesla made its own purchase of $1.5 billion worth of Bitcoin in January 2021, announced on February 8, 2021.

This purchase boosted Bitcoin’s price and was seen as a pivotal move for cryptocurrency.

Tesla later sold $272 million in Bitcoin, contributing positively to its profits.

In 2022, Tesla sold 75% of its Bitcoin for $936 million.

Tesla’s balance sheet currently shows $184 million in “digital assets,” likely including both Bitcoin and Dogecoin DOGE/USD.

Tesla has stated it could adjust its digital assets “at any time” based on business needs.

Recent reports suggest Tesla may be moving Bitcoin to unknown wallets, hinting at a potential sale.

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

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Investing $1,000 in Bitcoin: Bitcoin fell in 2022 due to various issues, including the FTX bankruptcy.

By March 2024, Bitcoin reached new highs after Bitcoin ETFs were approved, promoting investor interest.

On February 8, 2021, Bitcoin peaked at $46,203.93 post-Tesla’s announcement. A $1,000 investment then would now be worth $1,468.65 — a 46.9% increase.

By contrast, a $1,000 investment in Tesla stock would be valued at $758.39, down 24.2% during the same period.

Although Bitcoin has outperformed Tesla stock, it has not surpassed the SPDR S&P 500 ETF Trust SPY, which is up 49.2% with a current value of $1,491.58 for a $1,000 investment.

Investors buying Bitcoin have fared better than many stocks and market indices, but the timeline since Tesla’s purchase is not one of those instances.

In December 2020, MicroStrategy’s co-founder, Michael Saylor, suggested that Tesla’s CEO, Elon Musk, invest in Bitcoin. Following this advice earlier could have yielded greater returns for Tesla and its investors.

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

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This article was previously published by Benzinga and has been updated.