Bitcoin Gains After Tesla Renews Commitment to Cryptocurrency
Bitcoin rose after Tesla Inc. reported a profit of $ 272 million for "digital assets" after investing $ 1.5 billion in the cryptocurrency. The electric vehicle leader announced on Monday that it had generated $ 101 million in revenue from the investment, which helped beat analysts' earnings estimates for the first quarter of the year. Bitcoin even surged 1.9% and traded over $ 54,000 after Tesla's CFO reiterated the company's commitment to cyber currency. "We believe in the value of Bitcoin over the long term," said CFO Zachary Kirkhorn on the conference call. "Our intention is to keep what we have for the long term and to continue to accumulate bitcoin from our customers' transactions in vehicle purchases." Tesla announced the purchase of the digital currency earlier this year and also said it would accept it as a form of payment. This surprising announcement helped increase Bitcoin's legitimacy and resulted in an increase in va...