24.02.202110:53 Forex Analysis & Reviews: Tesla earns $1 billion in Bitcoin

Exchange Rates 24.02.2021 analysis

Tesla's investment in Bitcoin has generated nearly $ 1 billion in revenue, at least on paper, according to estimates by Dan Ives, Managing Director in Wedbush Securities.

"This is more than what they gained on EVs in 2020. However, it is still unstable and very risky, despite the fact that this event went down in history," Ives said.

Earlier this month, Tesla announced that it invested about $ 1.5 billion in Bitcoin, and may accept cryptocurrency as payment in the near future. After that, BTC soared to new highs, increasing by about 14%.

"But I still think that Bitcoin is overvalued. If investors start investing $ 3-4 billion or more in it, then it will become more significant, "Ives continued.

"And despite the ongoing rise in Bitcoin, less than 5% of public companies will invest in it over the next 12-18 months," he added.

Elon Musk, CEO of Tesla, regularly mentions Bitcoin and other cryptocurrencies in his tweets to push prices. Over the weekend, Musk said that Bitcoin and Ethereum may still appreciate in value. However, on Monday, BTC crashed, bringing down Tesla's shares.

"I think this historical event in EVs is just unfolding. In the coming months, Tesla's market capitalization may reach $ 1 trillion, "Ives said.

Exchange Rates 24.02.2021 analysis

In any case, this rapid growth of cryptocurrencies has led to calls from governments and financial regulators for tighter regulation.

According to critics, the main reason for volatility is the expectation that cryptocurrencies will become widespread as a means of payment.

Several factors will also play a large role in determining the direction of crypto markets.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

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Analista del: Andrey Shevchenko
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