Elon Musk's company sells out of Bitcoin

According to the WSJ reported on August 17, Elon Musk’s SpaceX sold Bitcoin with a total value of 373 million USD. This move contributed to the wobble of the cryptocurrency market.

After the above information of the WSJ, plus the US Federal Reserve (FED) released the minutes of the July meeting on inflation in the US, the cryptocurrency market immediately fluctuated. Bitcoin price from more than 28,000 USD to 25,400 USD per coin, the lowest level in the past two months

Tesla and SpaceX have not yet commented on this information.

holder Elon Musk's company sells out of Bitcoin

SpaceX’s internal financial documents show that the company will spend .4 billion in 2021 and .2 billion in 2022 “to purchase assets and equipment, in addition to research and development costs. development”, including Bitcoin.

However, it is not clear if this amount has anything to do with the amount of Bitcoin that Tesla spent $ 1.5 billion to buy in 2021. At that time, the price of Bitcoin purchased by the company was at $ 40,000, then this coin has increased in value to more than $ 60,000, contributing largely to the company’s profit in the first quarter of 2021. Even at one stage, the value of this digital money even surpassed the entire profit from the sale of cars of the company in 2020.

According to Tesla’s Q2/2023 earnings report, the company sold all the cryptocurrencies it used to own, minus the remaining 4 million in Bitcoin after the company “cut-off” more than 30,000 Bitcoin in the second quarter of 2022.

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As a major influence in the cryptocurrency market, every action of Elon Musk affects the market. Even many experts believe that he manipulated the price of Bitcoin, his statements made some investors lose money.

Earlier this year, the tech billionaire said his interest had shifted to AI rather than cryptocurrencies. As proof, he founded xAI with the ambition of “understanding the true nature of the universe” and developed an alternative to ChatGPT in mid-July.