SpaceX is still holding 18,712 bitcoins!

[BlackHatCoiner]

There was a lot of anticipation that, with so many companies holding Bitcoin in one way or another, a supply shock would occur that would send the price skyrocketing.

There are more than 6 million bitcoin in OG wallets, that are waiting for Strategy and Blackrock to buy them over-the-counter. A supply shock makes sense if OTC trades' volume gets tightened, and they need to buy using a public orderbook. Until most of the OG wallets are emptied, there will probably not be a supply shock.

But so far, that hasn't happened; on the contrary, the price performance since the launch of Bitcoin ETFs and all this institutional adoption has been disappointing.

I wouldn't say disappointing. It's just bitcoin being bitcoin. It's up by ~61% since the launch of the IBIT ETF, this is not bad.

[Catenaccio]

There are more than 6 million bitcoin in OG wallets, that are waiting for Strategy and Blackrock to buy them over-the-counter. A supply shock makes sense if OTC trades' volume gets tightened, and they need to buy using a public orderbook. Until most of the OG wallets are emptied, there will probably not be a supply shock.

OG wallets can be lost wallets and even those OGs still have access to their wallets and bitcoins, it's still challenging for Strategy and BlackRock to get most of these coins. With Bitcoin ogs and whales, they can simply sell small part of their portfolios and it's enough in money to enjoy their lives. Likely most of Bitcoin OGs don't have need of selling all their bitcoins, and it's biggest challenge for Strategy, BlackRock and other Bitcoin Spot ETFs.

I agree that with time, the available bitcoins in OTC market will become less, as there will be less new bitcoins appears from mining, and Bitcoin OGs will have less bitcoins for selling in the future.

[bbc.reporter]

I’m a little disappointed that Elon stopped buying Bitcoin years ago. He had the opportunity to be Saylor lite. I don’t think he believes in Bitcoin that much, he isn’t exactly full of conviction.

This is very headshaking because he has decided that his companies hold more bitcoin than the combination amount of the small minnows of this forum heheheh.

Also, he does not follow a similar roadmap and strategy as Michael the Saylormoon who soon might become Michael Sellor because his original roadmap might not be sustainable.

[yhiaali3]

It appears that the event is being heavily promoted, as I read on Cointelegraph that Binance is launching perpetual contracts linked to SpaceX ahead of its initial public offering. The new pre-IPO futures product from the cryptocurrency trading platform allows traders to speculate on SpaceX's expected valuation in the public markets before its shares begin trading on official exchanges, and it is settled using USDt.

But overall, I don't think this news will have any major impact on the crypto market in general and Bitcoin in particular. Elon Musk no longer has that magic wand to manipulate Bitcoin.

[bbc.reporter]

@yhiaali3. I reckon it was the market's headshaking stupidity that creates the manipulatibility on itself. The market should not care what Elong or Michael Sellor should say to either pump or dump.

In any case, it appears that the grandma Warren is very angry that Elong has become the first trillionaire for creating electric self driving cars and self landing rockets hehehhe. This anticrypto grandma will attack anyone who becomes rich from business and investments.



Elon Musk just became the world's first trillionaire.

The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth.

We need a wealth tax.

Source https://x.com/SenWarren/status/2065466952923984219

[348Judah]

The beauty of the decision is to maintain bitcoin and continue to have it in their portfolio, I think this time around, more people and institutions are getting interest on bitcoin and how they could make use of it for different purposes, very soon, everyone we have a better understanding of why bitcoin should be their priority when it comes to decision-making regarding the economy, I don't know the intention of Tesla if they follow something similar to that of microstrategy or maintain their own kind of pattern.

[MinoRaiola]

Heheheheh it appears there are many people who are similar on your argument, however, does not separate what is really a good investment and what Elong is doing for attention only.

SpaceX and Tesla are holding bitcoin because this is very much a good investment. Elong putting a Doge meme on the rocket of SpaceX is certainly for attention only!

Doge1 was a plan a few years ago, but he didnt start it... maybe after all the trouble on X and the "price manipulation". But things can be different now. To celebrate the IPO, a rocket with Doge and Bitcoin could be launched into space?. He do that with a Tesla, and people are still talking about it today. If he wants to push the Bitcoin price, he can use a SpaceX rocket to generate some media pr. I can see that happening, he has more money at when he need more fun, than there is a chance i think.

[fuguebtc]

The beauty of the decision is to maintain bitcoin and continue to have it in their portfolio, I think this time around, more people and institutions are getting interest on bitcoin and how they could make use of it for different purposes, very soon, everyone we have a better understanding of why bitcoin should be their priority when it comes to decision-making regarding the economy, I don't know the intention of Tesla if they follow something similar to that of microstrategy or maintain their own kind of pattern.

Given Bitcoin's potential, more institutions will likely invest in it sooner or later. But honestly, I doubt they will prioritize Bitcoin the way Strategy is doing and I do not think it is a wise move either

Frankly, allocating a large amount of capital and using a volatile asset like Bitcoin as a financial foundation for a company is more of a gamble than a smart investment strategy


Unlike Strategy, Tesla's business is currently strong and even outperforming in many area. I do not see any reason for them to turn themselves into a second Strategy and place the survival of company on a highly volatile asset. That is a terrible idea, imo.

[SamReomo]

I’m a little disappointed that Elon stopped buying Bitcoin years ago. He had the opportunity to be Saylor lite. I don’t think he believes in Bitcoin that much, he isn’t exactly full of conviction.

That's true, if he was highly interested in Bitcoin then he might never stop buying Bitcoin. Elon as we all know is someone who's doing strange innovations, he's a business minded person, he would be interested to accumulate more Bitcoin if could somehow get it for $1k or lower. However, the SpaceX got so much success and now he's a trillionaire.

[Akbarkoe]

This IP on spaceX is the largest IPO and it brings Elon Musk back to being the richest man in the world with 4 times more wealth than Larry Page.
and I also just found out that SpaceX has a lot of bitcoin with a very large amount.

It looks like his tweets will often become public attention again after returning to the top position, including in driving the bitcoin narrative because he has bitcoin which can move market sentiment.

[crwth]

Well, there may be some hidden agenda with it that probably helps them in some way. I know that if a company buys something in its name, there are accounting considerations, like in its financial statements, right? I think corporate adoption should have some rules on an asset like BTC.

All I know now is that some of the companies are investing because of a hedge against USD inflation.

[rat03gopoh]

I’m a little disappointed that Elon stopped buying Bitcoin years ago. He had the opportunity to be Saylor lite. I don’t think he believes in Bitcoin that much, he isn’t exactly full of conviction.

If I remember correctly he tweeted several times about psychological numbers like $1M, $10M, etc; let's just say that 18k BTC is a representation of his remaining confidence in the future of bitcoin. That's a lot of money even if it's pennies for the company. Even if it never reaches that price, it doesn't really hurt the company's balance sheet.

[yhiaali3]

In any case, it appears that the grandma Warren is very angry that Elong has become the first trillionaire for creating electric self driving cars and self landing rockets hehehhe. This anticrypto grandma will attack anyone who becomes rich from business and investments.

Elon Musk just became the world's first trillionaire.

The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth.

We need a wealth tax.

I don't understand why Warren criticizes Elon Musk's wealth when she's not exactly poor. Some sources estimate Elizabeth Warren's net worth at around $10-12 million. Perhaps it's because her wealth is only 0.005% of Musk's.

In any case, she is greatly exaggerating about Elon Musk's wealth, but I agree with her on one thing: that a tax should be imposed on wealth, but that the money should go to charities and the poor, not to the government.

[Dump3er]

Well, there may be some hidden agenda with it that probably helps them in some way. I know that if a company buys something in its name, there are accounting considerations, like in its financial statements, right? I think corporate adoption should have some rules on an asset like BTC.

All I know now is that some of the companies are investing because of a hedge against USD inflation.

That makes sense and these are the BTC his companies holds. Nobody knows whether he has private holdings and he would not have good reasons to talk about it. The accounting considerations are real, but I don't know whether they have to specifically tell about the exact asset or whether that goes under the name of other assets. Since this is a significant position, it could be that his companies have to mention it like that.

I have no clue whether he is holding BTC privately and just kept it a secret, but I can understand why he may not be so interested in it. As a trillionaire with all these different companies, perhaps his view is a different one. And I think what should be kept in the back of our heads, could it be possible that he aims at launching a closed system consisting of all these companies and then introduces a cryptocurrency himself? I understand it is still not the same, but it is similar to how Amazon is the market. Currency is going to be a thing for him I believe.

[Dogedegen]

In any case, it appears that the grandma Warren is very angry that Elong has become the first trillionaire for creating electric self driving cars and self landing rockets hehehhe. This anticrypto grandma will attack anyone who becomes rich from business and investments.

Most often we see examples of the worst people being envious or angry. She never created anything at all, and she is taking taxpayer money and lobbying money to do the bare minimum work. That is why she is upset at him. In a free society with capitalism and growing monetary supply eventually someone is going to achieve this kind of wealth. But we should also remind people that this does not mean that he actually has a trillion dollars worth of money in his bank account as in liquidity, because that is something else entirely and would be more significant than net worth.

Doge1 was a plan a few years ago, but he didnt start it... maybe after all the trouble on X and the "price manipulation". But things can be different now. To celebrate the IPO, a rocket with Doge and Bitcoin could be launched into space?. He do that with a Tesla, and people are still talking about it today. If he wants to push the Bitcoin price, he can use a SpaceX rocket to generate some media pr. I can see that happening, he has more money at when he need more fun, than there is a chance i think.

If he has any honesty about Bitcoin at all, then he will abandon Doge completely. If he continues pushing the Doge shitcoin together with Bitcoin, then his superficial adoption of Bitcoin should not be celebrated at all. He is just doing it to feed his ego and narcissism, to experiment. In that case we can confirm that he does not care about Bitcoin at all, even if the company still has Bitcoin.

[Cryptomultiplier]

In any case, it appears that the grandma Warren is very angry that Elong has become the first trillionaire for creating electric self driving cars and self landing rockets hehehhe. This anticrypto grandma will attack anyone who becomes rich from business and investments.

Elon Musk just became the world's first trillionaire.

The typical American household would have to work more than 11 MILLION years to make Elon Musk's level of wealth.

We need a wealth tax.

I don't understand why Warren criticizes Elon Musk's wealth when she's not exactly poor. Some sources estimate Elizabeth Warren's net worth at around $10-12 million. Perhaps it's because her wealth is only 0.005% of Musk's.

In any case, she is greatly exaggerating about Elon Musk's wealth, but I agree with her on one thing: that a tax should be imposed on wealth, but that the money should go to charities and the poor, not to the government.

Tesla and SpaceX joins other 6 tech giants like microstrategy and others to make it 8 of the top tech companies to have Bitcoin on their balance sheets.
While we still have retail investors doubting the importance of holding crypto currencies for long, these big tech companies are doing so because they are seeing the continuous devaluation of fiat currency and Bitcoin being digital gold stands as a solid hedge against this fiat decay.

Also, if tax is imposed on wealth, we forget soon that most of these wealthy individuals like Elon has majority of his wealth tied in a big company, which is tied to corporate stock and if a tax is enforced, there would be massive liquidation that would affect the stock market, depress company valuations and it would be worse for retail investors who hold small percentage stocks in these companies.
​
​

[goldkingcoiner]

I have absolutely no faith in Elon Musk or his determination to hodl any amount of Bitcoin. But it can be said at least he is not a panic seller. And in the same breath he is not a true bitcoiner, especially after convincing so many people to hype up and pump the doge shitcoin. And dumping it straight after...

[Faisal2202]

It is very headshaking that there are people in this forum that are spreading a storyline that Elong is only allowing SpaceX and Tesla to hold bitcoin in their treasury because Elong only wants attention for these companies.

This is not only headshaking. This is also very much stupid! A marketing budget would be a much cheaper choice if Elong only wants attention for these companies heheheheh.

I have not read this opinion many times, but way back in 2021 it might have been possible that they entered to manipulate the market because back then Elon's funds manipulated the market when he said he sold, and the market crashed just because of those few million dollar's worth of Bitcoin.

But later it was shared that he still held Bitcoin, but the story got old and there was no fun in it anymore, so retailers did not buy it, and even today they won't buy it. Hell, they won't even care how much he is holding haha. I don't care either. I only care about BR and MSTR.

I care in terms of a market crash because if they sell, I want to know and be ready to buy. But from the looks of it, they are not even close to selling in bulk. Thanks for giving your insights on this one.

[AmoreJaz]

I have absolutely no faith in Elon Musk or his determination to hodl any amount of Bitcoin. But it can be said at least he is not a panic seller. And in the same breath he is not a true bitcoiner, especially after convincing so many people to hype up and pump the doge shitcoin. And dumping it straight after...

We can say that Elon knows how to hype up a certain project. Maybe because he's being looked up to by a lot of people, hence, he has the pull as to what he can say. In any case, if he is still holding a lot of BTCs, it means, he is somehow believer of this market. Because if not, he should have just sold it in the trading market.

[Lucius]

I have absolutely no faith in Elon Musk or his determination to hodl any amount of Bitcoin. But it can be said at least he is not a panic seller. And in the same breath he is not a true bitcoiner, especially after convincing so many people to hype up and pump the doge shitcoin. And dumping it straight after...

I think the same, because if I remember correctly, his other company had over 40 000 BTC at one point and I think there's almost nothing left of it today. I may be wrong, but it seems to me that these coins in question will also be sold at some point, because Mr. Mars made it very clear what he thinks of Bitcoin when he removed it as a payment option in his company. Even clear evidence that BTC mining uses more than 60% of energy from renewable sources did not make him change his decision.

Considering he has a bunch of blind followers, I have no doubt that he has done much more harm than good for Bitcoin.