This post originally appeared on RT Business News
US electric automaker Tesla reported a net profit of $ 438 million for the first quarter of this year, saying that the company’s sales of bitcoin made a positive impact of $ 101 million.
RT’s Boom Bust talks to Octavio Marenzi of Opimas LLC about the company’s report and the role of bitcoin there.
Tesla’s quarterly results are “pretty encouraging,” according to the analyst. “What is kind of weird, is this whole thing with bitcoin and a hundred million dollars of bitcoin gains added to the balance sheet and the income segment.”
Marenzi goes on: “That’s a bit strange overall, not very sure what Elon Musk is doing there. It seemed for a while like he’s going to turn Tesla into a cryptocurrency hedge fund… And maybe that will still come, who knows? But it looks a bit strange, a bit confusing to markets…”
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