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Oct 24, 2024

Tesla moves $765 million of bitcoin to mystery wallet | The Independent

Elon Musk bought $1.5 billion worth of the cryptocurrency in 2021 using the electric car maker’s cash reserves This election is still a dead heat, according to most polls. In a fight with such

Elon Musk bought $1.5 billion worth of the cryptocurrency in 2021 using the electric car maker’s cash reserves

This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.Help us keep bring these critical stories to light. Your support makes all the difference.

Tesla has quietly moved more than $750 million worth of bitcoin into unidentified crypto wallets.

Data from blockchain analytics platform Arkham Intelligence reveals that around $765 million worth of bitcoin purchased by the electric car maker has moved to unknown wallets.

It is not clear whether it is part of plans to sell the holdings or spend them.The Independent has reached out to Tesla for more information.

Tesla CEO Elon Musk is a vocal crypto advocate and bought $1.5 billion worth of bitcoin in 2021 using the company’s cash reserves.

The cryptocurrency was trading between $30,000 and $40,000 at the time of the purchase, however Mr Musk subsequently sold off most of Tesla’s btc holdings in 2022 when it was worth around $20,000 per coin.

Bitcoin is currently trading close to its all-time high of $74,000 having surged in price by nearly a third since early September.

The rally has been buoyed by positive sentiment in the US ahead of the presidential elections next month, with both candidates courting crypto holders during their campaign.

Republican candidate Donald Trump has pledged to create a bitcoin strategic reserve if elected, as well as form a crypto advisory council. Musk, who is backing Trump, has also agreed to lead a so-called Department of Government Efficiency (DOGE) as part of Trump’s administration, referring to the popular memecoin Dogecoin.

Traders have also pointed to a seasonal phenomena known as “Uptober”, which has seen October become bitcoin’s best performing month over the last decade.

“With Donald Trump’s recent statement that ‘crypto is the future’ and Kamala Harris’ declaration that her administration would ‘encourage innovative technologies like AI and digital assets,’ regardless of the results of the election, bitcoin looks to continue rising,” Philippe Bekhazi, CEO and co-founder of the digital asset platform XBTO, told The Independent.

“However, investors should remember that bitcoin‘s path is rarely straightforward. Volatility is part of bitcoin‘s nature, with historical data showing that just 10 days a year can define its annual return. The path in October is highly unpredictable, but the result is likely that we will have an Uptober.”

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