💰 If You Invested $1,000 In Bitcoin When Tesla Bought The Crypto, Here's How Much You'd Have Today
🚀 Key Takeaways:
In February 2021, Tesla made headlines by investing $1.5 billion in Bitcoin, a pivotal move that stirred the cryptocurrency market.
The purchase not only elevated Bitcoin's price but also signaled broader acceptance of digital assets by major corporations.
📅 Tesla's Bitcoin Journey:
Tesla's disclosure of the $1.5 billion Bitcoin purchase on February 8, 2021, triggered immediate market excitement.
The move was seen as a significant catalyst, influencing other companies to consider adding Bitcoin to their balance sheets.
Tesla later sold $272 million of its Bitcoin in Q1 2021, citing a positive impact on quarterly profitability.
In fiscal 2022, Tesla liquidated 75% of its Bitcoin, generating $936 million in cash while maintaining $184 million in "digital assets."
💡 Bitcoin's Performance:
Since Tesla's purchase, Bitcoin's price reached an all-time high of $68,789.63 in November 2021.A $1,000 investment in Bitcoin on February 8, 2021, would have bought 0.0216 BTC.As of the latest data, that investment would be worth $943.74, reflecting a 5.6% decline over nearly three years.
Despite the decline, Bitcoin outperformed Tesla, whose $1,000 investment would be worth $883.80 today, representing an 11.6% decline.
Comparatively, a $1,000 investment in the SPDR S&P 500 ETF Trust over the same period would be up 21.5%, now worth $1,214.90.
🔮 Market Outlook:
Bitcoin's journey post-Tesla's investment showcases both volatility and resilience.
As optimism returns to the cryptocurrency market in 2023, the potential approval of spot Bitcoin ETFs is seen as a significant catalyst by analysts and investors.
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