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According to an analyst at Wedbush Securities, Daniel Ives, Tesla has made about $1 billion from its Bitcoin (BTC) purchase.

Earlier this month, Tesla announced that it had made a $1.5 billion investment in Bitcoin to further diversify its portfolio and maximize its cash returns.

Daniel also stated that the company may have made more profits from its investments in Bitcoin than its entire profits from the sales of its electric cars in 2020.

According to analysts at wedbush Tesla just made more from Bitcoin investments than it did selling cars in 2020 pic.twitter.com/FY0nMlLIsn

The company said it made the purchase sometime in January this year, but it didn’t disclose the exact date the purchase was made. Also, it’s unlikely that Tesla has sold any of the purchased Bitcoin since it hopes to start accepting Bitcoin payments for its Tesla products soon.

Interestingly, Bitcoin has been on an upward trajectory since January, with the cryptocurrency’s market now valued at over $1 trillion for the first time.

Bitcoin has grown by more than 500% within a year as institutional investors tussle for a fat share of the token in the market.

Elon Musk’s tweets also contributed to the rise of cryptocurrencies like Dogecoin (DOGE) and Bitcoin (BTC).

Ives also stated that Tesla’s Bitcoin activities may influence other companies. He added that it has already started impacting the way some mainstream firms see the investment in Bitcoin. Some companies now want to purchase Bitcoin than they were last year or a few years ago.

However, Ives thinks regulatory uncertainties will hold many companies back. “We still expect less than 5% of public companies will head down this route,” he stated. He said many other companies will consider buying Bitcoin if there are more regulations around the cryptocurrency.

In January, Bitcoin was trading between $29,000 and $37,000. That means Tesla’s $1.5 billion purchase gives the firm between 40,000 and 51,000 (Bitcoin) BTC at the time. At press time, Bitcoin was trading at roughly $56,000.

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