Tesla has already made $1bn profit on its Bitcoin investment

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Investing in Bitcoin is already paying off for US automaker Tesla according to analyst at Wedbush Securities Daniel Ives who calculated that the company has already made around $1bn in paper profits from its investment.

Back in January, the company announced that it had purchased $1.5bn worth of Bitcoin in an effort to “further diversify and maximize returns” on its cash. Tesla also said that it will begin accepting the cryptocurrency as payment for its electric vehicles on a limited basis in the future.

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