- Tesla’s Bitcoin holdings surged to 11,509 BTC from 9,720, fueling speculation about renewed Bitcoin purchases.
- Despite rumors of Tesla acquiring 1,000 BTC, the company and Elon Musk remain silent, leaving the alleged purchase unconfirmed.
Tesla, the electric car giant led by Elon Musk, is again under the spotlight as data from Arkham Intelligence reveals a notable increase in its Bitcoin holdings. Tesla’s Bitcoin wallet has notably increased from 9,720 BTC to 11,509 BTC. The upsurge in Bitcoin holdings comes after a turbulent past involving Tesla and the leading cryptocurrency. With this action, Tesla’s wallet appeared to have 1,789 more bitcoins than it did in its most recent earnings report, which begs the question of its present position on cryptocurrencies.
Tesla’s experience with cryptocurrencies has been turbulent since it made headlines in early 2021 when it bought $1.5 billion worth of Bitcoin. At first, the business welcomed cryptocurrencies, even taking Bitcoin payments for its electric cars. Soon after, CEO Elon Musk reversed course due to his environmental concerns about Bitcoin mining.
Discussions about whether the electric car firm is once again hoarding Bitcoin or if the shift is just an accounting error has become prevalent in the crypto world on social media platform X.
Elon Musk’s Shifting Stance on Bitcoin
Known for his rocky relationship with Bitcoin, Elon Musk has said nothing in response to the latest claims about Tesla’s Bitcoin holdings. Musk stated in 2021 that he was bullish about Bitcoin and that Tesla planned to store the cryptocurrency in on-chain wallets. However, this excitement faded when Bitcoin payments for Tesla cars were suspended due to environmental concerns. Currently, there is no concrete evidence to support the speculation around Tesla and Musk’s potential repurchase of Bitcoin.
It is worth noting Tesla gained popularity in February 2021 when it purchased $1.5 billion worth of Bitcoin, partly due to a discussion between Musk and Michael Saylor, co-founder of MicroStrategy. Tesla subsequently sold off some of its Bitcoin holdings, selling $272 million in the first quarter of 2021 and a significant 75% of the remaining balance in July 2022, notwithstanding its initial entry into the cryptocurrency market. Tesla’s cash flow increased by $936 million as a result of this deliberate action.
If @ArkhamIntel on-chain tracking is accurate, Tesla has acquired an additional 1,789 BTC since the last earnings announcement, and is likely to announce this at the next earnings
– @Tesla used to reveal its Bitcoin holdings through earnings,
2021 – sold 4,320 BTC
2022 – sold… https://t.co/6eclXo3TxG— Definalist (@definalist) March 7, 2024
Unraveling the Mystery Behind Tesla’s Bitcoin Figures
Contrary to social media reports suggesting a discreet purchase of 1,000 bitcoins, a closer look at the source of these claims reveals potential misinterpretations. When investors contrast the present circumstances with Tesla’s January 2024 financial report, as reported by Crypto News Flash, in which the company reported owning 9,700 Bitcoin, they are left wondering if Tesla is secretly accumulating more of the cryptocurrency.
More likely that previous estimated holdings were off tbh pic.twitter.com/omakgeFp7c
— Googly (
,
) (@0xG00gly) March 7, 2024
However, the latest spike to 11,509 Bitcoin casts doubt on these projections and feeds speculation about possible hidden Bitcoin repurchases. Additionally, the reasons for the shift in Bitcoin values are still unknown in the absence of public announcements from Elon Musk or Tesla.
According to the most recent data, the price of Bitcoin is $67,322, with a 24-hour increase of 2%. Additionally, its market cap has seen an increase of 2%, currently at 1.3 trillion. Investors and market observers closely monitor Tesla’s involvement in cryptocurrency, considering its past influence on Bitcoin prices.
