Bitcoin gains after Tesla renews commitment to cryptocurrency

Bitcoin rose after Tesla Inc. reported a $272 million gain on “digital assets” after its $1.5 billion investment in the cryptocurrency.

The electric vehicle market leader said Monday it generated $101 million in income from the investment, helping it beat analysts’ estimates for profit in the first quarter of the year.

Bitcoin gained as much as 1.9% and traded above $54,000 after Tesla’s chief financial officer reiterated the company’s commitment to the cybercurrency.

“We do believe long-term in the value of Bitcoin,” CFO Zachary Kirkhorn said on the conference call. “It is our intent to hold what we have long-term and continue to accumulate Bitcoin from transactions from our customers as they purchase vehicles.”