The tale of SpaceX and Bitcoin ain’t just some tech geek’s bedtime story. Once upon a time, SpaceX dipped its toes into the crypto, market, stacking up a vault of Bitcoin like a seasoned boss counting his chips.
And now? With Bitcoin pushing fresh record highs, SpaceX’s stash has crossed $1 billion.
Cashing out Bitcoin
You wanna know how did we get here? Well, rewind the tape. Back in 2021, Elon Musk’s cosmic venture held 28,000 BTC, valued then at around $1.8 billion. They were riding high, surfing the waves of crypto fever.
But every big story’s got its drama, as SpaceX trimmed that hoard down by nearly 70% in mid-2022.
Why? Think of it as the market throwing a real curveball, Terra-Luna meltdown, FTX implosion, and a domino effect that made even the toughest cats sweat bullets.
Since then, the company’s been sitting tight, clutching just over 8,200 BTC, worth around $1 billion today, says the sharp-eyed people at Arkham Intelligence.
Tesla, Elon’s other high-flying machine, also cashed out a chunk, now holding 11,500 BTC, worth about $1.42 billion. That’s a whole lotta digital cheddar parked in some very exclusive vaults.
Good news about inflation
But what’s driving this Bitcoin rocket to new heights? On Wednesday , BTC shattered its previous all-time high, cruising past $124,000 before settling just above $122,000.
This jump made Bitcoin the fifth-largest asset in the world, just nudging out Google’s market cap.
Why the bullish buzz? Well, analysts say markets caught a whiff of a potential U.S. interest rate cut in September after some cooler-than-expected inflation data.
It looks like inflation held steady instead of spiking, and that’s music to Bitcoin investors’ ears.
Game of money
Now, imagine you’re sitting in a cramped office, watching this drama showing up on your screen, the tension thicker than a triple shot espresso.
Every uptick, every dip, could mean millions in bonuses, or blind calls to the boss’s office.
It’s the high-stakes game of money, power, and timing. SpaceX and Bitcoin? They’re the star-crossed lovers navigating a financial universe that’s as volatile as it is thrilling. Because it is.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
