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 Tesla invests 15% of its net cash in Bitcoin

Bitcoin today surpassed the price of just over $ 47,000, a new all-time high for the world's largest cryptocurrency.

The total market value of Bitcoin reached $ 872 million, about $ 60 million more than the value of all shares in Tesla.

The rise of Bitcoin in such a dramatic fashion was attributed by many analysts to the demand of Tesla Company led by "Elon Musk" and its investment of $ 1.5 billion, which represents about 15% of the net cash in the main cryptocurrency.

As mentioned earlier, Tesla made the headlines with its purchase of a significant amount of Bitcoin, which was revealed in the 10k model submitted to the US Securities and Exchange Commission (SEC).

Read also:Bitcoin breaks the $ 47,000 mark for the first time

David Lawant, an analyst at Bitwise Asset Management, noted in a tweet shortly after Tesla invested in Bitcoin, that the company had invested up to 15% of all its cash stake in Bitcoin.

According to the most recent 10K filing, @Tesla had cash & equivalents of $19.4 billion (gross), or $98 billion (net of debt and finance leases).

Using these figures as a reference, $1.5 billion in #Bitcoin represents an allocation of 7.7% on gross cash or 15.1% on net cash. https://t.co/FgRpzRcXBh pic.twitter.com/tDVqJGtj2Q

— David Lawant (@dlawant) February 8, 2021

According to Lawnett, the SEC request showed that Tesla has $ 19.4 billion in total cash and $ 9.8 billion in net cash wealth.

With the numbers above, a Bitwise research analyst notes:

Using these numbers as a reference, the $ 1.5 billion invested in Bitcoin represents an allocation of 7.7% on total cash the company holds or 15.1% on net cash.

 The Bitcoin investment from Tesla positively affected the bitcoin price, as the currency's price reached an all-time high of more than $ 47,000, as we mentioned in the introduction to this article.

There was speculation in December 2020 about whether "Tesla" would join Bitcoin, especially after "Michael Saylor", director of "Micro Strategy" company, spoke with "Elon Musk" about Bitcoin.

At the time, the CEO of Micro Strategy advised Musk to convert Tesla's balance sheet from dollar to bitcoin.

At the time, the CEO of Micro Strategy advised Musk to convert Tesla's balance sheet from dollar to bitcoin.

In a subsequent interview, Saylor said:  

If Tesla puts $ 1 billion into Bitcoin, it will double its money within 12 months.If they invested $ 2 billion, they could potentially make a gain of $ 10 billion.By the way, anyone can do this.If you are the owner of a billionaire hedge fund, when you put a billion in bitcoin, say you did, and you will see the result.