As the price of Bitcoin continues to increase, the value of a certain high-profile BTC investment may have considerably risen since it was announced one month ago.
Crypto analyst Anthony Pompliano wrote on Twitter that: “Tesla bought $1.5 billion of Bitcoin around $33,000. That means they have now made over $1 billion on that investment in less than 45 days,” adding that “Elon Musk is a legend.”
However, Bitcoin bear Peter Schiff was quick to kill Pomp’s buzz with a reminder that “since the #Bitcoin buy was announced Tesla stock has dropped by 9% in a relatively flat market.”
Since the #Bitcoin buy was announced Tesla stock has dropped by 9% in a relatively flat market. So far the purchase is not working out for #Tesla shareholders. It’s not a profit until @elonmusk sells. So the jury is still out. Musk may be a legend, but then again so was Custer.
— Peter Schiff (@PeterSchiff) February 21, 2021
Additionally, the ‘Coinbase premium’, which measures the price of Bitcoin on Coinbase compared to other exchanges, was moving higher. This could be an indication that retail investors were buying more Bitcoin in anticipation of a higher BTC price. At press time, BTC was selling at $54,685.70 on Coinbase and $54,609.30 on Binance.