Tesla’s (TSLA) Bitcoin investment is already up by $1 billion

by Fred Lambert

October 14, 2021

Tesla (TSLA) must be feeling pretty good about its move into cryptocurrency holding, as its stake in Bitcoin is already up by $1 billion.

However, a few days later, Tesla took a step back with crypto by removing the Bitcoin payment option. The company noted concerns over the energy needs of the Bitcoin network: Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

This is a concern that many Tesla community members shared when Tesla first announced its Bitcoin investment, and many were angered by the fact that the company didn’t think about it in the first place.

Already $1 billion increase in value As usual, Bitcoin’s value has been fluctuating widely, but it has recently settled to around $58,000 over the last few days.

The automaker’s goal with its cryptocurrency stake is to have an alternative to holding money as its cash reserve grows. Tesla is one of the biggest companies to have made this move and many cryptocurrency analysts expect more blue-chip companies to follow.