Tesla, owned by Elon Musk, shifted almost all of its $760 million bitcoin to unknown accounts, making cryptocurrency news again. Due to this action, the corporation may sell its remaining bitcoin assets. According to a significant cryptocurrency tracker, Tesla wallets lost about 11,500 bitcoins on Tuesday. This indicates the business owns only $6.65 in bitcoin.
Tesla is one of the most famous Bitcoin investors. It was major news when it first used Bitcoin for commerce in February 2021. Back then, Tesla bought $1.5 billion in bitcoin. This was significant for digital currencies because it came from a global giant. Money spent paid off temporarily. Peak Bitcoin shares for Tesla came at $2.5 billion. Early 2022 saw Tesla sell 75% of its Bitcoin, losing money. Market danger and instability were evident.
Is Elon Musk Bitcoin the Key to Tesla’s Future Strategy?
Tesla remained a major Bitcoin buyer among listed U.S. corporations following the sell-off. According to Bitcoin Treasuries, it placed fourth after MARA Holdings, Riot Platforms, a software company with a strong Bitcoin buying plan, and MicroStrategy. Arkham Intelligence monitored Tesla’s Bitcoin wallets in March 2023. The corporation had 11,509 bitcoins valued at $770 million.
Many questioned what Musk would do with the remaining crypto assets of the corporation following Tesla’s Bitcoin sale. Though Tesla has not stated anything, analysts think it might sell bitcoin. Moving this much cryptocurrency to unknown wallets usually indicates a sale or wise move. Where or why the money is going needs to be clarified.
Musk has defended and opposed cryptocurrencies. Musk claimed Tesla would accept bitcoin for car purchases whenever it had some. They immediately changed their minds since environmental concerns scared them and bitcoin mining consumes a lot of energy. Dogecoin (DOGE) based on memes. Musk is fond of it. An interview in July 2023 showed Musk saying Bitcoin had “some merit,” but Dogecoin was his “soft spot.”
It must be clarified if the corporation sells its bitcoin or uses it for something else. Both corporate and bitcoin people are interested in the move.
SEE ALSO: US Seeks Five-Year Sentence for Ilya Lichtenstein, Mastermind of $6 Billion Bitfinex Crypto Heist
