Bitcoin Worth $760 Million Moved by Tesla! What is Elon Musk's Plan?

Bittime - Elon Musk And Tesla moved $760 million worth of Bitcoin (BTC) to an anonymous wallet. This is Tesla's first transaction in two years involving Bitcoin. 

This also sparked speculation in the market whether Elon Musk and Tesla would sell their Bitcoin or just a new security strategy.

Elon Musk and Tesla Move Bitcoin to Anonymous Wallet

According to data from Arkham Intelligence, Tesla, the company owned by Elon Musk, made several large transfers totaling approximately $760 million. 

The first transaction carried out was an amount of $75.18 million, then followed by $76.08 million And $77.16 million. All these funds transferred to an anonymous wallet which makes the public wonder what the purpose of this transaction is. 

Not only that, Tesla then divided their remaining Bitcoin into several other wallets with varying transfer values, such as $39.82 million, $31.92 million, and even one large transfer worth $102.36 million.

Read Also: If a Bull Market Doesn't Happen in 14 Days, Will Bitcoin Prices Continue to Fall? 

Speculation on Elon Musk and Tesla Move Bitcoin

This Bitcoin move this sparked a lot of speculation. Some people think that Elon Musk and Tesla may be planning a big Bitcoin sale, which could certainly have a big impact on the crypto market. 

As much as the Bitcoin price is currently approaching $67,000, many are worried that if Tesla sells Bitcoin in large quantities, this will increase selling pressure and possibly reduce the price of Bitcoin significantly.

However, some speculate that if Elon Musk and Tesla want to sell Bitcoin, they could do so through the Over-the-Counter (OTC) route, a direct sale between buyer and seller without going through a public exchange.  

Elon Musk and Tesla Move Bitcoin for Security?

Apart from speculation about the possible sale of Bitcoin by Elon Musk to Tesla, there are also other opinions that say that this move may just be a security strategy. 

This strategy is often implemented by large companies that own large amounts of crypto assets. Splitting assets across multiple anonymous wallets can reduce the risk of hacking that might occur if the funds remained in one large wallet.

Read Also: BlackRock CEO: US President Won't Influence Bitcoin 

Elon Musk and Tesla Move Bitcoin to When Bitcoin Price Approaches ATH

The timing of this Bitcoin transfer by Elon Musk and Tesla is crucial. Currently, the price of Bitcoin is on an upward trend and is approaching the ATH of $73,000. 

With speculation that Elon Musk and Tesla might sell some of their Bitcoins, market watchers will be watching to see how this will affect Bitcoin price trends.

So far, Elon Musk and Tesla have not provided an official statement regarding the reason for this Bitcoin move. This has added to the tension among crypto investors. 

Many are waiting to see if there is an official announcement from Elon Musk and Tesla in the near future about the true purpose of this Bitcoin move.

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