Tesla racks up $1B profit on Bitcoin and counting

Electric vehicle automaker Tesla (TSLA) has made roughly $1B of digital profit on Bitcoin (BTC-USD) over the last month, estimates Wedbush Securities. Dan Ives puts that windfall in perspective by noting that Tesla is on a trajectory to make more from its Bitcoin investments than profits from selling its EV cars in all of 2020. Ives and team think other public companies will follow Tesla's lead on the speculative diversification play."We still expect less than 5% of public companies will head down this route until more regulatory goal posts are put in place around the crypto market, which is clearly starting to gain more mainstream adoption in 2021 and we believe will have a seismic impact for blockchain, payments, banks, and semis in the years to come. Bitcoin trades at $56,002.21. The cryptocurrency hit a $1T market cap yesterday.