Bitcoin is once again in the spotlight, nearing the $70,000 milestone. It’s just shy of its all-time high of $73,000, which it reached earlier this year. This surge follows the Wall Street crypto revolution led by BlackRock. Now, as a billionaire investor forecasts a market melt-up, Elon Musk has stepped back into the conversation. The Tesla CEO recently described cryptocurrency as “interesting and probably valuable.”
During a campaign rally for former President Donald Trump, Musk shared his thoughts on cryptocurrency. When asked about XRP’s potential role in the financial system, he had a broader response:
Musk also made it clear that he isn’t heavily involved in crypto at the moment. He dodged a question about using blockchain technology to reduce voter fraud in future elections.
Although Musk claims not to be deeply involved, his past interactions with crypto have had a huge impact. During the COVID-19 pandemic, he frequently tweeted about bitcoin and cryptocurrencies, fueling a market boom. Recently, however, he’s been focusing on U.S. government spending, warning that the country is teetering on the edge of financial collapse.
In a playful twist, Musk agreed to lead a “Department of Government Efficiency” if Trump returns to office. He even dubbed it “Doge” after the meme-inspired cryptocurrency, Dogecoin.
Dogecoin, a lighthearted rival to bitcoin, has enjoyed a 25% price surge in the last week. This followed Musk’s casual mention of the “Doge department.” Even billionaire Mark Cuban joined the fun, joking that Musk might put dogecoin in the U.S. Treasury if Trump wins the next election.
Just last week, Musk’s company, Tesla, stirred the market when it moved its remaining bitcoin to a new address. Tesla is believed to hold around 11,500 bitcoins, worth nearly $800 million. This is the first time Tesla has shifted its bitcoin in two years, according to Arkham Research.
Key facts about the move:
This isn’t the first time Tesla has made waves with its bitcoin holdings. In early 2022, Musk sold off the majority of the $1.5 billion in bitcoin that he had added to Tesla’s balance sheet in early 2021. This sale helped Tesla secure a profit for the quarter, showcasing Musk’s pragmatic approach to both crypto and corporate strategy.
Tesla will release its third-quarter earnings report for 2024 on Wednesday, October 23. Investors will be watching closely for any clues about Musk’s next move in the crypto space.
Q. Why is bitcoin nearing $70,000 again?
Bitcoin is surging due to increased market interest and recent comments from influential figures like Elon Musk.
Q. What did Elon Musk say about crypto?
Musk described cryptocurrency as a valuable tool for promoting individual freedom but didn’t endorse specific coins.
Q. Why did Tesla move its bitcoin?
Tesla’s recent bitcoin move has sparked speculation that it could be preparing for an over-the-counter sale or shifting assets to a secure wallet.
Q. How much bitcoin does Tesla own?
Tesla is believed to own around 11,500 bitcoins, worth nearly $800 million.
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