Tesla announced on Monday that the investment brought in $101 million, allowing it to beat analysts' profit forecasts for the first quarter of the year.
Bitcoin climbed after Tesla Inc. announced a $272 million profit on "digital assets" following its $1.5 billion cryptocurrency investment.
After Tesla's chief financial officer reaffirmed the company's commitment to the cybercurrency, bitcoin gained 1.9 percent and traded above $54,000.
“We believe in Bitcoin's long-term value,” says the company "On the conference call, CFO Zachary Kirkhorn said. “We want to keep what we have long-term and continue to accumulate Bitcoin from our customers' purchases when they buy cars."
Tesla announced earlier this year that it had purchased the digital currency and that it would accept it as payment. The unexpected announcement bolstered Bitcoin's credibility and fueled a price spike.
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