--- title: "Tesla Is Up $1 Billion on Its Bitcoin Investment" description: "Tesla is technically up $1 billion in its Bitcoin investment, caused by Bitcoin rallying past the $60,000 mark this week." date: "2021-10-15" modified: "2021-10-15" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/tesla-billion-bitcoin-investment" categories: - "Advanced Transport" - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" - "Tesla" tags: - "bitcoin" - "cryptocurrencies" - "tesla" - "the digest" --- # Tesla Is Up $1 Billion on Its Bitcoin Investment ![Tesla is technically up $1 billion in its Bitcoin investment, caused by Bitcoin rallying past the $60,000 mark this week.]() *\Image: Futurism\* ## Bitcoin Boom In February, [Tesla bought $1.5 billion]() worth of bitcoin as an investment and announced that it would accept the digital currency as payment for cars. That investment seems to be paying off — at least as the market stands right now. Bitcoin has soared to new heights, [crossing the $60,000 threshold](), making Tesla's treasure chest of 42,902 Bitcoin worth $2.5 billion. That means Tesla is up $1 billion in its Bitcoin investment, [*Insider* reports]() — an impressive vindication, at least for now, of the carmaker's decision to go big on cryptocurrency. ## Ups and Downs The value of Bitcoin has been on a real rollercoaster throughout the year, and that's in large part due to Elon Musk's flip-flopping on his stance on the currency. In fact, Tesla was also up $1 billion back in February, according to [estimates]() at the time. In one puzzling detour, in a [May announcement on Twitter]() Musk cited the environmental devastation associated with Bitcoin mining in his decision to suspend vehicle purchases using the digital currency. The move prompted a steep dropoff in the value of Bitcoin, [enraging Musk's loyal fanbase](). More recently, China's [crackdown on cryptocurrency mining]() and transactions caused Bitcoin to fall again over the summer. This month, though, the digital currency started rallying, soaring ever-closer to [record highs]() it set back in April. Why remains a mystery, but the resurgence is likely the result of more and more [financial institutions becoming interested]() around the world. As has always been the case, Tesla's Bitcoin riches may only be fleeting. Cryptocurrencies are infamously volatile and the next crater could only be around the corner. **READ MORE:** [Elon Musk's Tesla is up $1 billion on its $1.5 billion bitcoin investment as the cryptocurrency soars]() \[*Insider*\] **More on Bitcoin:** *[As Its Price Spikes, JPMorgan CEO Says Bitcoin Is “Worthless”]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()