Bitcoin Gains After Tesla Says Will Continue to Accumulate It

  • Cryptocurrency News
Bitcoin Gains After Tesla Says Will Continue to Accumulate It
Credit: © Reuters.

By Aditya Raghunath -- An announcement by electric car-maker Tesla Inc (NASDAQ: TSLA ) helped Bitcoin break free of the $50,000 mark it had fallen below last week. Tesla said that its $1.5 billion investment in the flagship cryptocurrency generated $101 million in income for the first quarter of 2021.

Tesla’s ‘digital assets’ reported a gain of $272 million for Q1 2021. Bitcoin that was trading at $49,059 on Sunday closed Monday at $54,017. It is now trading at $53,650.

Tesla CFO Zachary Kirkhorn said that the company will continue to hold Bitcoin for the long term and reaffirmed Tesla’s commitment to the cryptocurrency. In a conference call with analysts, he said, “We do believe long-term in the value of Bitcoin. It is our intent to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”

Tesla made waves earlier this year when it said it had bought Bitcoin worth $1.5 billion and that it would accept payment for its cars in the cryptocurrency. It was one of the primary reasons behind Bitcoin’s massive rally since February. Bitcoin had closed January 31 at $33,224.

Bitcoin kept sliding most of last week due to President Joe Biden’s proposed tax plan. Is this a turning point for the crypto?

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