Tesla’s Bitcoin Bet Pays Off: $1 Billion in Holdings See Massive Growth

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Tesla’s Bitcoin bet is paying off, with the company’s holdings more than doubling in value this year. Currently, Tesla holds 11,509 BTC, now worth over $1 billion, as Bitcoin reached an all-time high of $89,560. Tesla’s original $1.5 billion Bitcoin purchase in February 2021 has grown by $495 million in profit, largely due to the soaring crypto market. This surge is part of the broader rise in Bitcoin’s value, which has pushed the cryptocurrency’s market cap to $1.75 trillion. With Bitcoin’s price increasing over 40% this month, Tesla’s stock also saw an 8% jump, boosting CEO Elon Musk’s wealth to $320 billion.