According to data from Arkham Intelligence, Elon Musk’s Companies including Tesla and SpaceX, continue to maintain a considerable amount of Bitcoin in their reserves and have no intention of selling their Bitcoin holdings despite various market fluctuations.
This demonstrates Elon Musk’s strong confidence in Bitcoin and its future as a reliable asset in the modern financial world. These data were released following the price growth of Bitcoin in line with the decrease in interest rates earlier this month.
Bitcoin Reserves of Elon Musk’s Companies
Reports from Arkham Intelligence indicate that Tesla and SpaceX hold $1.3 billion worth of Bitcoin in their financial reserves. Maintaining this amount of Bitcoin signifies Elon Musk’s bullish stance on this leading digital currency. With the current market price, this $1.3 billion is equivalent to approximately 19,788 Bitcoins.
These reports also indicate an increase in Tesla’s Bitcoin reserves compared to previous reports. According to Arkham Intelligence’s report in March, Tesla holds $780 million worth of Bitcoin. Furthermore, it was reported that SpaceX also holds $560 million worth of Bitcoin.
Tesla’s entry into the Bitcoin market began in February 2021 when the company purchased 1.5 billion Bitcoins. Tesla stated that this decision was made to increase the diversity and return of the company’s cash holdings. Tesla also announced that, subject to specific regulations, it will enable its customers to purchase products from the company by paying with Bitcoin.
Elon Musk also announced during “The B Word” online conference in 2021 that he personally, along with Tesla and SpaceX, holds Bitcoin reserves.
Current Bitcoin Market Status
According to CoinGecko data, the price of Bitcoin reached its daily high at $66,439 on Friday. Since then, the price of Bitcoin has been decreasing, but market sentiments about this asset remain positive.
At the time of writing, Bitcoin is trading at $65,604, having experienced a 0.5% decline in the past 24 hours. Over the past week, the price of this asset has grown by 4.1%, and its 24-hour trading volume has decreased by over 50%.
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