Elon Musk's SpaceX just moved Bitcoin after 3 years, should crypto investors panic?
What Could Be Behind SpaceX's Sudden Bitcoin Transfer?
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After more than three years of sitting still, a Bitcoin wallet linked tosuddenly became active last week, which has led the crypto world to speculate on the reasons behind the move, as per a report.Last Tuesday, the cryptocurrency intelligence platform Arkham reported that a wallet associated with the space exploration company had moved about 1,300 BTC, worth over $153 million, as per the Benzinga report. It's the first recorded movement from this wallet since June 2022, according to the report.Arkham posted on X, the social platform formerly known as Twitter, 'SPACEX JUST MOVED BITCOIN FOR THE FIRST TIME IN 3 YEARS,' and added that, 'They sent 1.3K BTC ($153M) to a fresh address this morning,' as quoted by Benzinga.ALSO READ: Is Donald Trump cheating at golf again? New viral video at Turnberry sparks heated debate on social media While SpaceX hasn't commented on the move, it has sparked a flurry of speculation about the purpose of the transfer, as per the report. These kinds of moves are usually indicative of a wallet custody adjustment or an impending sell-off, as reported by Newsweek.As per Arkham's data, the SpaceX-linked wallet still holds about 7,000 BTC, which is worth more than $830 million, according to the report. While, as of Sunday, the transferred 1,300 BTC had not moved from the recipient address, as reported by Newsweek.ALSO READ: Jobs, inflation, Fed move: This week could decide the fate of the US economy for years to come SpaceX's move comes at a time of growing political and financial pressure for SpaceX. Reports suggest that the Trump administration is taking a closer look at the company's government contracts, following a recent public clash between US president Donald Trump and Musk, according to Newsweek. Meanwhile, SpaceX is trying to raise more than $1 billion in funding, as it works toward a $400 billion valuation, as reported by Newsweek.SpaceX's involvement with Bitcoin was first revealed in July 2021, when Musk disclosed that the company had added Bitcoin to its balance sheet, according to the report. While no exact number was shared, blockchain analysts estimated that SpaceX initially bought nearly 26,000 BTC that year for around $860 million, averaging $33,000 per coin, as reported by Newsweek. Since then, the company is believed to have trimmed its holdings to just over 8,000 BTC, as per the report.This isn't the first time a Musk-led company has made headlines for its Bitcoin investment. Tesla had purchased over 43,000 BTC in early 2021, worth $1.5 billion at the time, as per Newsweek. However, since then, the EV maker has sold off a large portion of those holdings and now holds just over 11,500 BTC, according to the report.Despite both companies reducing their Bitcoin exposure, Musk has said he personally still owns Bitcoin, Ethereum, and Dogecoin, and has no plans to sell, as reported by Newsweek. He made that statement back in 2022, during a conversation about rising inflation, according to the report.More recently, Musk liked a post suggesting he may be accumulating Bitcoin again, and he's voiced support for the cryptocurrency through his proposed political party, the 'America Party,' as per Newsweek. He has called fiat currency 'hopeless' and criticized a recent government spending bill that could add over $3 trillion to the national deficit over the next decade, according to Newsweek.It is not known for sure, but it could be for security reasons or a possible sell-off.1,300 BTC, which is worth over $153 million.
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