SpaceX, Elon Musk’s aerospace company, currently holds over $1 billion worth of Bitcoin, right as the cryptocurrency reaches fresh all-time highs.
According to Arkham Intelligence data, SpaceX holds 8,285 BTC, valued at approximately $1.02 billion. This isn’t the first time the company’s Bitcoin stash has surpassed the billion-dollar mark – in April 2021, the value of its BTC holdings soared to $1.8 billion, thanks to owning around 28,000 BTC at that time.
📉 Why the drop?
In mid-2022, SpaceX cut its Bitcoin holdings by roughly 70%. Analysts link this decision to the severe market turmoil following the Terra-Luna collapse, the FTX bankruptcy, and the domino effect across the crypto industry. Since then, the company hasn’t made any new BTC purchases.
Tesla made a similar move during the same period, selling most of its Bitcoin and now holding 11,509 BTC worth about $1.42 billion.
💹 Bitcoin breaks records and overtakes Google
On Wednesday, Bitcoin surged past its previous July peak, hitting $124,300 before settling at $123,117 (+3.17% in 24h).
With a market capitalization of $2.452 trillion, Bitcoin is now the fifth-largest asset in the world, overtaking Google ($2.448 trillion).
📊 Macro tailwinds in play
The crypto market rally is being fueled by optimism over a potential September interest rate cut in the U.S.. The July Consumer Price Index (CPI) held steady at 2.7%, defying expectations of a rise to 2.8%. According to Paul Howard of Wincent Markets, this figure is a bullish signal for BTC and ETH as it increases the likelihood of monetary policy easing.
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