Bitcoin BTC/USD reached new highs in March 2024, potentially rising further before the 2024 presidential election.
Let’s recap Tesla Inc’s Bitcoin purchases and the potential gains for investors following the company.
What Happened: Tesla bought $1.5 billion in Bitcoin in January 2021, announced publicly on February 8, 2021, boosting Bitcoin’s price as it indicated crypto’s future potential.
Tesla sold $272 million of their Bitcoin in Q1 2021, contributing positively to earnings. In Q2 2022, they sold 75% of their Bitcoin holdings for $936 million.
Currently, Tesla lists $184 million in “digital assets,” possibly including Bitcoin and Dogecoin DOGE/USD.
They may adjust their digital asset holdings based on market conditions and business needs. Recent reports suggest potential sales of Bitcoin from unknown wallets.
How Bitcoin Performed: Investing $1,000 in Bitcoin at its peak on February 8, 2021, could now be worth $1,468.65, a 46.9% increase. In contrast, $1,000 in Tesla stock would be worth $758.39, a 24.2% decrease.
While Bitcoin has performed better than Tesla’s stock, it hasn’t outperformed the SPDR S&P 500 ETF Trust SPY, which would now be worth $1,491.58, up 49.2%.
Although Bitcoin has often beaten top stocks and market indexes, it hasn’t consistently done so since Tesla’s purchase announcement.
Bitcoin’s All-Time High: Bitcoin peaked at $73,750.07 on March 14, 2024.
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This article was previously published by Benzinga and has been updated.
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