The value of Tesla’s (TSLA) Bitcoin investment has already increased by $1 billion.

Tesla (TSLA) must be pleased with its decision to invest in cryptocurrencies, since its Bitcoin holdings have already increased by $1 billion.

Tesla and Bitcoin

Tesla has been digging into the cryptocurrency sector over the past year. Tesla spent $1.5 billion on Bitcoin earlier this year. Shortly after, the carmaker began taking Bitcoin as a form of payment for new automobiles.

Elon Musk, Tesla’s CEO, later mentioned the possibility of the company accepting Dogecoin as payment for its automobiles.

Tesla, on the other hand, took a step back with cryptocurrency by deleting the Bitcoin payment option a few days later. The business expressed worry about the Bitcoin network’s energy requirements:

Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

This was a worry expressed by many Tesla community members when the business initially disclosed its Bitcoin investment, and many were outraged that the firm hadn’t considered it before.