Tesla's bitcoin investment reportedly made more profit this year than car sales in the whole of 2020

• Tesla disclosed in a SEC filing on Feb 8 that it purchased $1.5 billion of bitcoin.
• If its holding has remained the same size, it will reportedly have made a $930 million profit.
• That's almost 30% more than the company made from car sales in 2020, The $4 reported.

Tesla's $1.5 billion bitcoin investment didn't just make headlines, it has also made the company more profit than its car sales last year, according to a $4 report.

On Friday, the cryptocurrency smashed through the $55,000 level, bringing its market cap above $1 trillion. This means if Tesla owns the same amount of Bitcoin as it did on January 31, it made a paper profit of about $930 million since January. That's almost 30% more than its $721 million revenue from electric vehicles, per the report.

Bitcoin's historic rally has been a source of debate across the investing community, with many concerned that its 546% year-on-year gains (according to CoinDesk data) might have created a bubble and UBS flagging that $4.

However, Tesla's CEO, Elon Musk, defended the investment. "Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company," Musk $4 on Thursday, responding to a $4 with Binance CEO Changpeng Zhao.

Tesla's original bitcoin investment was disclosed in its annual 10-k filing on February 8, showing that it bought $1.5 billion worth of bitcoin in January. The company also announced that it plans to begin accepting the cryptocurrency as a form of payment in the near future, according to $4.

Tesla shares rose 2% on the news, with bitcoin also hitting then record highs of $44,795.20.

Despite JPMorgan CEO Jamie Dimon calling it a $4 in 2017, as $4, institutional investors are starting to take note of the cryptocurrency. Even JPMorgan is now touting a case for $4 but a recent note published by the firm did suggest that Bitcoin was worth only $25,000 with such high levels of current volatility.

BNY Mellon, America's oldest bank, has also started to dabble in Bitcoin, the $4

All eyes are now watching for the next institutional to invest in the cryptocurrency.

"If you are a company CEO and thinking about adding $4 to your balance sheet you still have the opportunity to be an early adopter. But not for long," $4 Tyler Winklevoss, the billionaire and co-founder of $4.