Billionaire Elon Musk holds nearly 19,800 bitcoins in multiple wallets, worth more than $1 billion. Arkharm Intelligence, an on-chain data tracking platform, said that the bitcoin reserves of his SpaceX company have been exposed and are currently worth about $500 million, indicating his optimism about bitcoin.
As Musk's rocket company and satellite operator, SpaceX is optimistic about space exploration and has launched four "space tourists" to attempt the world's first private spacewalk. Musk is not only optimistic about space, but also about Bitcoin, holding nearly $500 million in Bitcoin.
The "space tour" was launched from NASA's Kennedy Space Center in Florida by a crew of four civilians, including a tech billionaire, a retired Air Force pilot, and two SpaceX operations engineers. The mission, named "Polaris Dawn," was launched aboard a Falcon 9 rocket and marked the beginning of one of SpaceX's riskiest missions to date.
The Polaris Dawn crew will stay in orbit for five days, during which time they will conduct research in addition to traveling in space.
Although SpaceX, founded and led by Musk, is known for its groundbreaking technology and successful launches, SpaceX is also surprisingly bullish on Bitcoin.
According to Arkharm Intelligence, SpaceX owns 8,285 bitcoins worth $471.48 million. The company has not sold any bitcoins in the past two years. The last major transaction of 1,260 bitcoins to the cryptocurrency exchange Coinbase took place on June 10, 2022.
CoinGape previously reported that Tesla and SpaceX, owned by Musk, known as the "Father of Dogecoin", hold nearly 19,800 bitcoins in multiple wallets, worth more than US$1 billion.
Arkham Intelligence claims that the reserves are spread across multiple wallets: Tesla holds about 11,500 bitcoins in 68 addresses, while SpaceX holds about 8,300 in 28 wallets. This shows that more and more companies are bullish on the crypto market leader. In recent years, institutional demand has driven the growth of the asset, with its price soaring to more than $73,000 in the first quarter of 2024 before sliding to current levels.
Musk’s recent tweets on Twitter (now renamed X) for “Department of Government Efficiency” or “DOGE” have fueled optimism for Dogecoin (DOGE). The price of Dogecoin has risen 12% in the past few days, sparking speculation about whether Musk’s positive comments can push Dogecoin to $1.
The report said that SpaceX and Tesla's Bitcoin holdings have remained unchanged over the years, indicating that they plan to continue holding these assets, which is an important factor considering this round of Bitcoin's rise.
Bernstein analysts predict that if former US President and Republican presidential candidate Trump wins the presidential election, Bitcoin will rise to $90,000.
