Musk suddenly increases his position in Bitcoin

Recently, the on-chain data analysis platform Arkham announced the launch of Tesla and SpaceX position data.Tesla-related BTC wallets have more BTC balances than the 9,720 BTC balance reported in the last financial report Approximately 1,789 BTC were issued. Subsequently, discussions arose on X as to whether Hich Musk had begun to increase his position in Bitcoin.

Tesla and SpaceX positions

Specifically, Tesla currently holds approximately 11,510 BTC (worth approximately $780 million) in 68 addresses, and SpaceX holds approximately 8,290 BTC (worth approximately $560 million) in 28 addresses.

It is currently confirmed that the flow of funds on the chain is consistent with the financial statements of Tesla and SpaceX. Tesla purchased $1.5 billion worth of BTC in January 2021 and has two sales records:

1. No. 1 in 2021 $272 million worth of BTC was sold during the quarter.

2. In the second quarter of 2022, $936 million worth of BTC was sold.

It can be seen that the book value of Tesla’s Bitcoin has increased a lot. If calculated at its purchase cost of US$31,250, At present, its unrealized interest in Bitcoin has reached US$390 million.

Because SpaceX is an unlisted company and does not need to publish its financial information, there is no way to verify its Bitcoin holdings.

Currently, Tesla and Musk have not commented on whether Tesla will buy Bitcoin.

But it is different from before. On January 16, in the topic Spaces discussing "ARK 21Shares Obtained Bitcoin ETF Approval" with Cathy Wood, Elon Musk calls Bitcoin “engineered scarcity.” He is open to using Bitcoin in his X platform but gives little thought to it.

Engineered scarcity is a concept that creates artificial value and utility, often through technology, allowing people to store wealth in something that retains purchasing power over the long term. In the rich world created by robots and artificial intelligence, it is very important as it ensures long-term financial security.

Musk’s change in attitude

It can be said that Ma Skewers first publicly talked about Bitcoin in 2014, when he was interviewed by the Wall Street Journal. When asked if he held Bitcoin, he replied: "I don't actually have any Bitcoin."

He also stated thathethought Bitcoin was a “pretty smart” technology, but he was concerned about Bitcoin’s security Expressing doubts about its reliability and credibility, he said: “I don’t know if it will become a long-term currency or just a short-term phenomenon where it could be hacked or banned by governments or replaced by other cryptocurrencies. ."

In 2019, Musk's attitude towards Bitcoin changed, and he began to express his appreciation and admiration for Bitcoin. In a podcast interview with tech investment firm ARK, he called Bitcoin a "really brilliant" technology, saying: "Paper money is disappearing and cryptocurrencies are a better way to transfer value than pieces of paper. way, that’s for sure."

And 2021 is the most complex and influential year for Musk’s attitude towards Bitcoin.

In this year, Musk’s words and deeds can cause huge fluctuations in Bitcoin. He is a supporter of Bitcoin. Yet another Bitcoin critic.

In January 2021, Musk added the "#bitcoin" tag to his profile on Twitter, triggering a surge in Bitcoin.

In February 2021, Musk announced that Tesla had purchased Bitcoin with $1.5 billion in cash and planned to accept Bitcoin as a payment method for cars in the future. This news caused the price of Bitcoin to soar to new highs.

However, Musk’s attitude underwent a dramatic reversal in May 2021. Musk suddenly announced that Tesla has suspended plans to use Bitcoin to purchase cars due to concerns that Bitcoin mining and transactions will lead to massive consumption of fossil fuels and have a negative impact on the environment.

Musk also had fierce arguments with some Bitcoin advocates and developers, and was even accused of being a "betrayer" and "manipulator." By".

After the US Securities and Exchange Commission approved the Bitcoin ETF in 2024, Musk said, I am open to the use of Bitcoin ETFs .

Write at the end

It can be said, With Musk's increase in positions this time, Tesla's Bitcoin book value has increased significantlyWhile SpaceX, as an unlisted company, its Bitcoin holdings are still unclear.

We can see Musk’s change in attitude towards Bitcoin, from initial skepticism to later appreciation and admiration, as well as his series of actions in 2021 The impact of rhetoric on the Bitcoin market. In addition, Musk is open to Bitcoin ETFs, demonstrating his interest and confidence in this area.

As the Bitcoin and cryptocurrency markets continue to develop, Tesla and SpaceX will continue to play an important role in this area. Tesla will likely continue to explore the possibility of Bitcoin as a payment method, while SpaceX will continue to promote the development of satellite Internet and Starship.