Tesla likely made over $1 billion profit from Bitcoin investment

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[Reading level: B2 – Upper Intermediate]

Tesla has likely profited to the tune of $1 billion, and counting, due to its investment in bitcoin, Daniel Ives, an analyst at Wedbush Securities pointed out, according to a report by CNBC.

 

The company is on course “to make more from its Bitcoin investments than profits from selling its EV (electric vehicle) cars in all of 2020,” Ives predicted in a note he published on Saturday, Feb. 20.

 

Earlier this month, we reported that, according to a Securities and Exchange Commission filing, the electric automaker had bought $1.5 billion worth of Bitcoin. The filing also revealed that Tesla is working towards allowing its customers to buy new vehicles via Bitcoin transactions.

 

Though Ives did not explain how he reached the figure of $1 billion in his estimation, the price of bitcoin soared above the $50,000 mark last week for the first time.

 

CNBC also reports that bitcoin has reached record highs since Tesla’s move, stating that it has reached a market value of over $1 trillion for the first time last week.

 

Looking at the data in more detail — via a report by CoinDesk — shows that the value of Bitcoin rose about 65 percent from Jan. 31 to Feb. 20 — rising from an intraday high of $34,793.45 in late January to an intraday high of $57,487.03 on Feb.20, the day Ives published his note.

 

Tesla makes tidy Bitcoin profit amid environmental image criticism

 

The rise of 65 percent in the value of Bitcoin, following Tesla’s $1.5 billion investment, puts the EV automaker’s profits at around $975 million, which will have since risen above $1 billion.

 

All of this does depend, however, on whether Tesla has sold any of its Bitcoin since the initial investment made in late January.

 

“While the Bitcoin investment is a sideshow for Tesla, it’s clearly been a good initial investment and a trend we expect could have a ripple impact for other public companies over the next 12 to 18 months,” Ives said.

 

Elon Musk recently stated on Twitter that he is “not an investor,” and claimed that Bitcoin “is simply a less dumb form of liquidity than cash.”

 

Despite the fact that Tesla’s Bitcoin investment seemingly garnered a staggering profit, some critics claim the investment goes against the company’s environmental image. Servers used globally to process Bitcoin transactions are known to consume more electricity than entire countries.

 

Tesla’s recent investment will only make the cryptocurrency’s energy consumption, and subsequent CO2 emissions, rise further.

 

Source: https://interestingengineering.com/tesla-likely-made-over-1-billion-profit-from-bitcoin-investment?fbclid=IwAR2uvrZs6Vt4pXGeevofa5HuFf20Qp1jh-PsoqoGGTtuRDbuFmlB9P3o7lk

WORD BANK:

to the tune of (adv): khoảng

and counting (expression): và đang tiếp tục tăng lên, và còn tăng thêm nữa

be on course to do sth (expression): rất có thể sẽ làm gì

filing /ˈfaɪ.lɪŋ/ (n): hồ sơ

reveal /rɪˈviːl/ [B2] (v): tiết lộ

transaction /trænˈzæk.ʃən/ [C1] (n): giao dịch

soar /sɔːr/ [C2] (v): tăng vọt

move /muːv/ [C1] (n): động thái

trillion /ˈtrɪl.jən/ (n): nghìn tỷ

initial /ɪˈnɪʃ.əl/ [B2] (adj): ban đầu

sideshow /ˈsaɪd.ʃəʊ/ (n): màn diễn phụ

ripple impact /ˈrɪp.əl ˈɪm.pækt/ (n): hiệu ứng gợn sóng

dumb /dʌm/ [B2] (adj): ngu ngốc

liquidity /lɪˈkwɪd.ə.ti/ (n): thanh khoản

garner /ˈɡɑː.nər/ (v – formal): thu về

staggering /ˈstæɡ.ər.ɪŋ/ [C1] (adj): đáng kinh ngạc

cryptocurrency /ˈkrɪp.təʊˌkʌr.ən.si/ (n): tiền điện tử

subsequent /ˈsʌb.sɪ.kwənt/ [C1] (adj): sau đó

emissions /iˈmɪʃ.ənz/ [C1] (n): lượng khí thải


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