The post Elon Musk’s Tesla Bitcoin Holdings Surge 220% Since Last Sale, Sparking ‘HODL’ Debate ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.

Advertisement &nbsp &nbsp Tesla’s Bitcoin investments have seen a dramatic turnaround, with its holdings increasing by roughly 220% since its last major sale. According to data from Arkham Intelligence, Tesla’s Bitcoin holdings were valued at approximately $735.5 million, comprising 11,509 BTC, as of Tuesday, October 1. Notably, Tesla’s last recorded sale occurred in June 2022, when the company sold 29,160 BTC at an average price of approximately $20,000. This strategic decision was aimed at bolstering cash reserves during a period of economic uncertainty. The sale netted Tesla about $586 million, but it took place just before a significant market rally that would surge Bitcoin prices to over $73,000 earlier this year. Elon Musk, Tesla’s CEO, has long been an advocate for cryptocurrency. The company’s initial investment in Bitcoin began in February 2021, when it purchased about 43,000 BTC for $1.5 billion. Following a price spike shortly after that, the company capitalized on the bullish market by selling 10% of its holdings in March 2021, realizing an estimated profit of about $270 million. Meanwhile, while Tesla’s Bitcoin fortune has grown significantly, it comes with a bittersweet realization that the electric vehicle giant may have missed out on even greater profits by not following the HODL (Hold On for Dear Life) strategy. Had Tesla held onto its initial investment without selling, its current holdings would be valued at approximately $2.7 billion. Advertisement &nbsp That said, while Tesla’s decision to sell was framed as a strategic move to showcase Bitcoin’s liquidity and strengthen the company’s cash reserves, its choice to retain the remaining holdings reflects a bullish outlook on the cryptocurrency.  Let us recall that In May 2021, Tesla made headlines when Musk announced the company would stop accepting Bitcoin for car purchases, citing environmental concerns. Despite this pause, Musk indicated that Tesla…

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Filed under: News - @ October 2, 2024 7:19 pm