{"id":812724,"date":"2024-12-17T22:25:20","date_gmt":"2024-12-18T04:25:20","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/17\/tesla-stirs-crypto-market-by-relocating-nearly-all-its-bitcoin-after-two-year-hibernation\/"},"modified":"2024-12-17T22:25:20","modified_gmt":"2024-12-18T04:25:20","slug":"tesla-stirs-crypto-market-by-relocating-nearly-all-its-bitcoin-after-two-year-hibernation","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/17\/tesla-stirs-crypto-market-by-relocating-nearly-all-its-bitcoin-after-two-year-hibernation\/","title":{"rendered":"Tesla Stirs Crypto Market by Relocating Nearly All Its Bitcoin After Two-Year Hibernation"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div>\n<div id=\"blockquote-block_65861fa2ba7bcd2f5f01e58a8d9c0194\">\n<ul>\n<li aria-level=\"1\"><span>Tesla transferred around US$765 million worth of Bitcoin to new, undisclosed wallets, its first activity in two years.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><span>While these wallets are not connected to crypto exchanges, indicating no immediate plans to sell, the move has sparked curiosity about Tesla\u2019s future plans for its Bitcoin holdings.<\/span><\/li>\n<li aria-level=\"1\"><span>Tesla originally bought US$1.5 billion worth of Bitcoin in 2021, selling 10% that year and 75% in 2022.<\/span><\/li>\n<\/ul>\n<\/div>\n<p>After two years of hibernation, American EV automotive company Tesla has transferred all of its <a href=\"https:\/\/cryptonews.com.au\/category\/Bitcoin\">Bitcoins<\/a> (BTC), valued at around US$765M (AU$1.14B).<\/p>\n<p>Tesla originally bought US$1.5B (AU$2.25B) worth of BTC in 2021, but has sold significant portions since then. First, the company sold 10% of its Bitcoin in the same year and a year later sold 75% of what was left of its stash, putting more pressure on an already-hit Bitcoin.\u00a0<\/p>\n<p><strong>Related: <\/strong><a href=\"https:\/\/cryptonews.com.au\/news\/microstrategy-style-btc-adoption-spreads-germanys-samara-asset-group-issues-e30-million-bitcoin-bond-123982\/\"><strong>MicroStrategy-Style BTC Adoption Spreads: Germany\u2019s Samara Asset Group Issues \u20ac30 Million Bitcoin Bond<\/strong><\/a><\/p>\n<p>Despite these sales, Tesla held onto some Bitcoin. This particular move comes as Bitcoin recently surged to US$66,857 (AU$100,112), causing Teslas\u2019 holdings to appreciate over time.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXdaeDWN_zdyAt-uioEmyqgKHCi1SE3kRmV2kX8ExX4Ydn6IGNwEf099ibMteayp0bWrzAEnFY7H1CQgPJFiTBV2ShNl5AuuLn0z1pYUP2w5rlCIb8SCI3wWNDlc2cTaXHEWKoPSXphAVneR-8e1XV2mDEUu?key=jmNdVYF3Lc605bcyV_qgmg\" alt data-eio=\"l\" data-old-src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"><figcaption>Source: CoinMarketCap<\/figcaption><\/figure>\n<p>This recent price boost represents a 1.36% increase in the daily chart and just slightly above 13% in the last 30 days. According to a CoinGecko <a href=\"https:\/\/cryptonews.com.au\/news\/coingecko-report-shows-ethereum-quickly-losing-market-share-to-solana-base-123985\/\">report<\/a>, the coin\u2019s \u201cmodest\u201d growth was no match for other emerging assets like Gold, which netted over 14% amid concerns of a potential economic slowdown.<\/p>\n<h2 id=\"h-tesla-causes-panic-in-the-market\">Tesla Causes Panic in the Market<\/h2>\n<p>Moving back to Tesla, these Bitcoin transfers were detected by Arkham Intelligence, which tracks wallets associated with Tesla.\u00a0<\/p>\n<figure><\/figure>\n<p>I guess it\u2019s a good sign that the Bitcoins were moved to unknown wallets unrelated to crypto exchanges, suggesting Tesla isn\u2019t planning to sell it (at least not immediately).<\/p>\n<p>Tesla has had a complex relationship with Bitcoin. In 2021, it initially announced it would accept Bitcoin for car payments but later backtracked due to \u201cenvironmental concerns\u201d over Bitcoin\u2019s high energy usage.\u00a0<\/p>\n<p><strong>Related: <\/strong><a href=\"https:\/\/cryptonews.com.au\/news\/trump-leads-harris-on-polymarket-as-elon-musk-calls-platform-more-accurate-than-polls-123827\/\"><strong>Trump Leads Harris on Polymarket as Elon Musk Calls Platform \u2018More Accurate Than Polls\u2019<\/strong><\/a><\/p>\n<p>While Elon Musk suggested Tesla would resume Bitcoin payments once mining became \u201cmore sustainable\u201d, the company has not made any moves in that direction since.<\/p>\n<\/p><\/div>\n<p> Jos\u00e9 Oramas <a href=\"https:\/\/cryptonews.com.au\/news\/tesla-stirs-crypto-market-by-relocating-nearly-all-its-bitcoin-after-two-year-hibernation-124007\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla transferred around US$765 million worth of Bitcoin to new, undisclosed wallets, its first activity in two years.\u00a0 While these wallets are not connected to crypto exchanges, indicating no immediate plans to sell, the move has sparked curiosity about Tesla\u2019s future plans for its Bitcoin holdings. Tesla originally bought US$1.5 billion worth of Bitcoin in<\/p>\n","protected":false},"author":1,"featured_media":812725,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31436,2586],"tags":[11476],"class_list":{"0":"post-812724","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stirs","8":"category-tesla","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/812724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=812724"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/812724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/812725"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=812724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=812724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=812724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}