While the price of Bitcoin continues to stay below $28,000, an interesting report about Elon Musk has been released. It was known that the mischievous billionaire’s space company SpaceX had some Bitcoin holdings, but we didn’t have clear information about its fate. WSJ clarified this issue in its latest report.
Elon Musk and Cryptocurrencies
The mischievous billionaire had a keen interest in cryptocurrencies in 2021. During the same period, GameStop investors also adored him. Understanding Elon Musk is difficult, but what he does seems like making money while having fun. According to his past statements, cryptocurrencies do not represent a great future for him.
Today, the Wall Street Journal revealed that SpaceX, an aerospace and space technology firm, had $373 million worth of Bitcoin in its balance sheets in 2021 and 2022. However, these assets are no longer on the company’s balance sheet, and Elon Musk probably disposed of these BTCs around the same time as Tesla.
SpaceX Had Bought Bitcoin
Elon Musk, the CEO of SpaceX, had announced in 2021 that the company had purchased a certain amount of Bitcoin. Following this, a filing with the U.S. Securities and Exchange Commission showed that Musk’s other company, Tesla, also planned to acquire $1.5 billion worth of crypto assets. This announcement came when the price of BTC was at its first all-time high of $43,000. Musk had made the same gesture with a GameStop post for speculative shareholders of GameStop.
According to Tesla’s Q2 2023 earnings report, the company had sold all of its $184 million worth of Bitcoin assets. Tesla reported that it liquidated more than 30,000 BTC for $936 million in the second quarter of 2022.
The timing of SpaceX’s reported Bitcoin sale is not clear, but the crypto market experienced a significant crash amidst the collapse of major firms like Terraform Labs in 2022. During this period and afterwards, many big investors distanced themselves from the sector.
While big institutional investors like MicroStrategy continue to stay in crypto, the nature of bear markets is “indifference,” and we are experiencing it. Just as everyone rushed into cryptocurrencies during the bull season, now we are experiencing the opposite. This repeats every four years.
