Leading cryptocurrency Bitcoin (CRYPTO: BTC) hit new all-time highs in March 2024 and could be headed to higher highs ahead of the 2024 presidential election.
Here’s a look back at the purchase of the cryptocurrency by Tesla Inc (NASDAQ:TSLA) and how much investors could have made following the lead of the electric vehicle company.
What Happened: While MicroStrategy may have led the way with adding Bitcoin to their balance sheet and holding the leading cryptocurrency since 2020, Tesla is not far behind with a purchase that was made in January 2021 disclosed in February 2021 to investors.
Tesla announced on Feb. 8, 2021 that it purchased $1.5 billion worth of Bitcoin. The purchase helped boost the price of Bitcoin that day as it was viewed as a key catalyst for the future of cryptocurrency.
Tesla later announced it sold $272 million of its Bitcoin in the first quarter, which it said had a “positive impact” on its quarterly profitability with $128 million in proceeds from Bitcoin.
In fiscal 2022, Tesla announced the sale of 75% of its Bitcoin during the second quarter, bringing in $936 million in cash to its …
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