Is Tesla Buying Bitcoin Again? BTC wallet information aroused curiosity
Tesla's Bitcoin holdings have become a topic of discussion in the crypto community after cryptocurrency data analytics platform Arkham Intelligence added Tesla's Bitcoin wallet tracking feature to its dashboard. Tesla's wallet currently holds 11,509 BTC at the time of writing, 1,789 more than the 9,720 BTC reported during the last earnings report.
Elon Musk-led Tesla bought $1.5 billion in bitcoins around the peak of the last bull run in February 2021, and announced plans to accept Bitcoin payments for its cars. However, the firm's Bitcoin adoption was short-lived, with the company selling about 10% in March 2022. In the second quarter of 2022, the electric car maker sold approximately 75% of its Bitcoin stock.
Timeline of Tesla Bitcoin Holdings and Sales:
February 2021: Bought $1.5 billion worth of Bitcoin March 2021: Sold 4,320 BTC2022: Sold 29,160 BTC2023: No change in balance 9,720 BTC
Musk has had a love/hate relationship with Bitcoin. In the year In 2021, he expressed his hopes for BTC, announcing plans to store his own bitcoins using an on-chain wallet for Tesla. However, within weeks, Musk canceled plans to accept BTC for Tesla cars, citing environmental concerns about Bitcoin mining.
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A user on X was curious if Tesla had started buying Bitcoin or if the recent change in numbers was an accounting error. Another user pointed out that the company started buying BTC after the last earnings call and could report the newly bought BTC in its next call. Tesla and Musk have yet to comment on whether Tesla is buying BTC.
In addition to Tesla, Musk's other company SpaceX holds bitcoin on its balance sheet after MicroStrategy founder and executive chairman Michael Saylor convinced Musk to add it to the company's balance sheet. Microstrategy holds 193,000 BTC, making it the largest institutional owner of BTC in the world.
In a panel discussion at the Bitcoin Atlantis conference on March 1, Saylor argued that AI and cryptocurrencies could bring a decades-long “gold rush” for Bitcoin.
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