Crypto News | Bitcoin sales, boosts profits on Tesla.

 Elon Musk's Tesla has seen a jump in profits Tesla has posted first quarter profits of $438m (£315m) bolstered by sales of Bitcoin and environmental credits. 

Revenues also increased by 74% compared to the first quarter in 2020, despite production hurdles. However, profits were also dented by a $299m payment to the electric carmaker's chief executive Elon Musk. 

China is possibly the world's most competitive market for electric vehicles, with hundreds of manufacturers vying for a slice of the growing market. Bitcoin and environmental credits However, not all of the company's revenues came from selling cars. The company bought $1.5bn in Bitcoin during the first quarter, but trimmed its position by 10%, which contributed $101m to its revenues. Tesla recently made it possible for customers to purchase the cars in bitcoin, allowing it to accumulate more of the cryptocurrency.