As a seasoned crypto investor who has weathered numerous market fluctuations, I can’t help but feel a sense of intrigue upon learning about Tesla’s recent move with its Bitcoin holdings. Having been in this game long enough to remember Tesla’s initial foray into Bitcoin back in 2021, I find it hard to ignore the implications of such a large transfer to unknown wallets.
Elon Musk’s Tesla, a significant holder of Bitcoin (BTC), moved its total $760 million worth of Bitcoin to undisclosed digital wallets, fueling speculation that the automaker may be in the process of cashing out.
On Tuesday, as reported by crypto data firm Arkham Intelligence, wallets linked to an electric vehicle manufacturer started transferring funds to unidentified wallets.
Among publicly traded U.S. companies, Tesla ranks fourth in terms of bitcoin holdings, according to BitcoinTreasuries data. Only MicroStrategy, a software company, and two bitcoin mining firms, Marathon Holdings and Riot Platforms, have more substantial bitcoin reserves.
In February 2021, Tesla purchased approximately 11,509 bitcoins for around $1.5 billion. However, over the years, they have sold a significant portion of their holdings. As of March, when Arkham Intelligence integrated the car manufacturer’s bitcoin wallet tracking function into its dashboard, they still had about 11,509 bitcoins, which were worth around $770 million.
Previously, Elon Musk mentioned that the business was planning to accept Bitcoin payments soon. However, these intentions were later abandoned following concerns about its environmental impact.
Apart from Tesla and SpaceX, companies owned by Musk, it remains uncertain how personally invested Musk is in Bitcoin. In a YouTube interview in July, he expressed a positive view towards Bitcoin and possibly other cryptocurrencies, but seemed particularly fond of Dogecoin (DOGE).
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2024-10-16 01:15