Tesla's Bitcoin Holdings Rise by Over 1,700 BTC, Sparking Speculation Among Crypto Enthusiasts
Summary:
Tesla's Bitcoin holdings show an increase of over 1,700 BTC, according to cryptocurrency data analyst platform, Arkham. This surge has led to speculations of Tesla re-purchasing Bitcoin or a possible accounting error. With no official statement from Tesla or Elon Musk, the crypto community is anticipating the next financial call for clarity. The fluctuation in Tesla's Bitcoin holdings also highlights Musk's inconsistent stance towards the cryptocurrency.
Recent revelations show that Tesla's Bitcoin possession has seen an increase of more than 1,700 coins compared to the last disclosed amount, sparking a debate among cryptocurrency enthusiasts. Observations made by Arkham, a data analysis platform for cryptocurrency, indicates Tesla's Bitcoin account now has a total of approximately 11,500 BTC, reflecting an increase of roughly 1,789 compared to the last recorded amount of 9,720 BTC.
Tesla, led by CEO Elon Musk, purchased Bitcoin worth a staggering $1.5 billion during the peak of its bullish run in February 2021. At that time, Tesla made it public that it would welcome Bitcoin as payment for its vehicles. However, this excitement faded as the company sold nearly 10% of its Bitcoin reserves in March 2021, followed by a sale of around 75% of the remaining Bitcoin in the second quarter of 2022.
Here is a record of Tesla's Bitcoin transactions over time:
- In February 2021, the company bought Bitcoin worth $1.5 billion.
- In March 2021, it sold 4,320 Bitcoin.
- In 2022, it sold a substantial 29,160 Bitcoin.
- In 2023, the company’s Bitcoin balance remained steady at 9,720.
Musk's mixed feelings towards Bitcoin are well documented. His initial optimism in 2021 led to publicly stating plans of Tesla retaining Bitcoin in on-chain wallets. Yet, within a few weeks, Musk retracted the offer to sell Tesla vehicles for Bitcoin due to concerns about the environmental implications of Bitcoin mining.
With this newly observed increase in Tesla's Bitcoin holdings, curiosity is mounting about whether Tesla has resumed buying Bitcoin, or if these numbers are the result of a clerical mistake. Some suspect that the company might have started purchasing Bitcoin after the previous earnings call and will disclose the freshly acquired Bitcoin during their next financial update. However, Tesla and Musk have not yet commented on the matter.
In addition to Tesla, other corporations owned by Musk, such as SpaceX, have Bitcoin holdings. Michael Saylor, CEO of MicroStrategy, influenced Musk to incorporate Bitcoin into his business funds. MicroStrategy, upon retaining their Bitcoin, has realised profits exceeding 100%.
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Published At
3/7/2024 1:53:26 PM
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