Musk holds nearly 19,800 bitcoins worth more than $1 billion
CoinGape reported earlier that Tesla and SpaceX, owned by Musk, known as the "father of Dogecoin", hold nearly 19,800 bitcoins in multiple wallets, worth more than $1 billion. Arkham Intelligence claims that the reserves are scattered 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. 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 occurred on June 10, 2022.
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 post on Twitter (now renamed X) for "Department of Government Efficiency" or "DOGE" has sparked market optimism about Dogecoin (DOGE). The price of Dogecoin has risen by 12% in the past few days, sparking speculation about whether Musk's positive news can push Dogecoin to $1.
According to reports, SpaceX and Tesla's Bitcoin holdings have remained unchanged for many years, indicating that they plan to continue holding these assets, which is an important factor in considering this round of Bitcoin's rise. Bernstein analysts predict that if former US President and Republican presidential candidate Trump wins this presidential election, Bitcoin will rise to $90,000
