As Bitcoin reached a record high of over $124,000, becoming one of the hottest assets on the planet, it is no surprise that Elon Musk's SpaceX is also shining. The amount of Bitcoin that SpaceX holds has now surged to over $1 billion in value.

SpaceX's Bitcoin Holdings Reach $1 Billion Milestone

According to Arkham Intelligence, SpaceX currently holds 8,285 BTC, worth around $1.02 billion. This indicates that Elon Musk still places faith in "Digital Gold."

But this is not the first time SpaceX's total Bitcoin value has surpassed $1 billion. In April 2021, the company held 28,000 BTC, with a total value of around $1.8 billion at that time. However, over time, SpaceX gradually sold off its BTC, and they are now the fourth largest private company holding Bitcoin.

Recently, SpaceX moved 1,300 BTC worth over $153 million, the first coin transfer since June 2022, raising speculation about whether the company is transferring wallet management or preparing to sell.

Musk's Bitcoin Journey

Elon Musk's Bitcoin investment journey is not limited to SpaceX. In 2021, Tesla (his electric car company) also purchased more than 43,000 BTC for $1.5 billion, viewing it as a long-term gamble and a way to diversify cash flow.

Currently, Tesla holds approximately 11,509 BTC, worth around $1.42 billion. This makes Tesla the 10th largest public company in terms of Bitcoin holdings.

Musk has been largely silent about Bitcoin on X for the past three years. In March 2022, Musk posted that he still owns and will not sell Bitcoin, Ethereum, or Doge.

Recently, Musk stated that cryptocurrency and Bitcoin could play a role in his new political project, the American Party.

In response to a tweet asking whether this party would accept Bitcoin, Musk replied: "Fiat money is hopeless, so yes."

Bitcoin Breaks Record as Interest Rates Drop Sharply

In today's trading session, the coin reached an all-time high of $124,128, pushing the market capitalization to $2.45 trillion. This makes Bitcoin the fifth-largest asset in the world, surpassing Google.

The optimism stems from increasing expectations for an interest rate cut in September, with the odds currently at over 99% according to CME's Fed tracking tool.

The labor market is cooling, inflation is easing, and political pressure on the Federal Reserve (Fed) has created the perfect environment for monetary easing. This is good news for stocks and assets like Bitcoin. Institutional investors will closely monitor this, which could push BTC prices even higher.