Elon Musk’s aerospace company, SpaceX, is making headlines for its ambitious space missions and notable involvement in cryptocurrency. Recently, blockchain analytics firm Arkham Intelligence has shed light on SpaceX’s significant Bitcoin holdings, raising speculation about the company’s bullish stance on Bitcoin.
Arkham Intelligence Reveals SpaceX’s Bullish Position on Bitcoin
In a report published on September 10, Arkham Intelligence highlighted SpaceX’s historic launch of the Polaris Dawn mission, revealing that the aerospace giant holds a substantial amount of Bitcoin in one of its wallets. According to the blockchain data firm, SpaceX possesses 8,285 BTC, valued at approximately $471.48 million. Interestingly, SpaceX has not sold any of its Bitcoin over the past two years, further signaling its long-term bullish outlook on the cryptocurrency.
SpaceX’s last major transaction was on June 10, 2022, when it transferred 1,260 BTC on the Coinbase exchange.
SpaceX and Tesla’s Combined Bitcoin Reserves
Elon Musk, known for his enthusiasm for Dogecoin, oversees another company with significant cryptocurrency holdings—Tesla. Reports indicate that Tesla and SpaceX hold over $1 billion worth of Bitcoin, spread across multiple wallets. Arkham Intelligence claims that Tesla controls 11,500 BTC across 68 addresses, while SpaceX holds 8,300 BTC across 28 wallets.
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This substantial reserve points to both companies’ commitment to holding Bitcoin as a long-term asset, indicating that they may benefit from future rallies in the cryptocurrency market.
Bitcoin’s Recent Price Performance
At the time of writing, Bitcoin is trading at $56,670, marking a 2.5% increase in the past 24 hours. The cryptocurrency’s daily low and high were $54,848 and $58,041, respectively. Moreover, Bitcoin’s trading volume surged by 40%, signaling growing interest among investors and traders.
Musk’s Dogecoin Influence and Market Optimism
Elon Musk’s recent posts on X (formerly Twitter), such as his playful reference to a “Department of Government Efficiency” or D.O.G.E, sparked optimism in the market, particularly for Dogecoin. Over the past few days, DOGE has risen by 12%, leading to speculation about whether Musk could drive Dogecoin to hit the $1 mark.
Meanwhile, SpaceX and Tesla continue to hold onto their significant Bitcoin reserves, which could prove beneficial as Bitcoin rallies. According to Bernstein analysts, if Donald Trump wins the upcoming presidential election, Bitcoin could surge to $90,000.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
