March 27, 2024
Bitcoin News

Tesla’s Bitcoin Holdings Soar Amidst Speculation and Silence

In a surprising twist, Tesla’s Bitcoin holdings have once again sparked discussions within the crypto community, as the cryptocurrency data analytics platform Arkham Intelligence unveiled its new feature tracking Tesla’s Bitcoin wallet. As of the latest update, Tesla’s wallet boasts 11,509 BTC, revealing an increase of 1,789 BTC from the 9,720 reported in its last earnings release.

Bitcoin wallet of Tesla. Source: Arkham

The Elon Musk-led company made headlines in February 2021 when it invested $1.5 billion in Bitcoin during the peak of the last bull run. Despite initially expressing optimism and announcing plans to accept Bitcoin payments for its electric cars, Tesla quickly reversed its stance. By March 2021, the company had already sold 10% of its Bitcoin holdings, followed by a substantial 75% reduction in the second quarter of 2022.

Elon Musk, known for his rollercoaster relationship with Bitcoin, initially embraced the cryptocurrency in 2021, proposing Tesla’s use of on-chain wallets for storing Bitcoin. However, environmental concerns regarding Bitcoin mining led to a swift abandonment of plans to accept BTC payments.

Questions have arisen within the crypto community, with users speculating on Tesla’s recent surge in Bitcoin holdings. Some wonder if the company is repurchasing Bitcoin or if the fluctuation is due to an accounting error. While one user speculates that Tesla might have resumed buying BTC after the last earnings call, no official statement has been made by Tesla or Musk on the matter.

Interestingly, Tesla’s sister company, SpaceX, also holds Bitcoin on its balance sheet, a move influenced by MicroStrategy’s Michael Saylor. With MicroStrategy holding a whopping 193,000 BTC, it claims the title of the largest institutional holder of Bitcoin globally.

Despite the speculation surrounding Tesla’s Bitcoin activities, both the company and Musk remain tight-lipped on whether Tesla is actively acquiring more BTC. The crypto community eagerly awaits official confirmation or comments from the influential entrepreneur.

Meanwhile, at the Bitcoin Atlantis conference on March 1, Saylor projected a promising future for Bitcoin, foreseeing a decade-long “gold rush” fueled by advancements in AI and the rise of exchange-traded funds.

Image from Wikimedia Commons

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