đ„ Tesla Bitcoin Secret: $760 million mysteriously "evaporated", what is Musk up to?
đ„ Tesla Bitcoin Transfer: $760 million BTC flows to unknown destination
1) Wallet emptied, funds transferred
Recently, on-chain data showed that wallets associated with Elon Musk's Tesla electric car company have been emptied.
Tesla transferred almost all of its $760 million worth of Bitcoin (BTC) to an unknown wallet.
This move has increased speculation that Tesla may sell Bitcoin.
2) Tesla: Bitcoin Big Player
Tesla has been an active Bitcoin holder and was once the fourth largest Bitcoin holder among US listed companies.
According to crypto data company Arkham Intelligence, Tesla purchased $1.5 billion worth of Bitcoin in February 2021 and held up to $2.5 billion worth of Bitcoin at one point.
However, in early 2022, Tesla chose to sell 75% of its holdings at a loss.
3) Details of fund flows
On Tuesday, Tesla's wallet transferred more than 11,500 bitcoins to a wallet with unknown ownership, retaining only about $6.65 worth of bitcoins (almost negligible).
After this transfer, Tesla's bitcoin reserves were almost zero.
4) Musk's attitude towards bitcoin
While Musk's companies such as Tesla hold bitcoin on their balance sheets, Musk himself is somewhat vague about how much trust he has in this cryptocurrency.
In a YouTube interview in July, Musk said that bitcoin has some advantages, but also mentioned other cryptocurrencies and expressed his love for Dogecoin (DOGE) in particular.
5) Historical review
It is worth mentioning that when Tesla first acquired bitcoin reserves, Musk announced that the company would soon accept bitcoin payments.
However, this plan was quickly abandoned due to environmental issues. This shows the flexibility and variability of Musk and Tesla on the issue of bitcoin.
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