Tesla’s Bitcoin wallets—yeah, the ones chillin’ in hibernation for two long years—just made a mega stir. Outta nowhere, roughly $765 million in BTC got shifted, leaving only $6 behind like spare change on the sidewalk. Arkham Intelligence caught the action, and the crypto crowd’s left wondering: What’s the plan?
The BTC’s gone to mysterious wallets, fresh as a minted coin. No sign of ‘em being tied to any exchanges. So, no one’s jumping to the conclusion that Tesla’s tryna cash out. But that silence? Decrypt reached out to Tesla for the 411, but so far, nada. The speculation’s spinning faster than a hash rate spike.
Tesla’s Bitcoin Playbook: HODL, Flip, Repeat
Back in 2020, Tesla slid into the Bitcoin game, scooping up a beastly $1.5 billion. But, y’know, no diamond hands here. Q1 2021 rolls around, and they offload 10% of their haul, grabbing some fiat gains. Fast forward to July 2022—boom, they dump 75% of what’s left. But bad timing, though. Bitcoin was limping at $24K, way down from that glorious $69K ATH back in November 2021.
Since then? Tesla’s been sitting on their remaining stack, watching it ride out the waves. Now that Bitcoin’s back around $66.5K, they’ve got people side-eyeing every move. And this latest wallet shuffle’s got the hive mind buzzing.
Musk’s Love-Hate Dance With Bitcoin
Tesla’s relationship with Bitcoin’s a saga on its own. Back in 2021, they sent shockwaves by saying they’d accept Bitcoin as payment for their shiny electric whips. But two months later, Musk slammed the brakes, calling out Bitcoin’s energy-guzzling mining as the dealbreaker.
Musk, the Dogefather himself, hinted Bitcoin payments might make a comeback—if miners clean up their act and start using greener juice. But here we are in 2024, and Tesla still ain’t accepting BTC for cars. And with this latest wallet shift, folks are left scratching their heads, wondering if Tesla’s playin’ the long game or just settin’ the stage for another wildcard move.
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