On October 15, 2024, Tesla made a huge splash in the crypto scene by transferring 1,800 BTC at 5:03 p.m. EDT from block height 865,811. This was just the beginning, as they eventually moved a total of 11,509 BTC, which is worth more than $760 million, from their known wallets. People are buzzing about where these funds are headed and what the purpose is since there’s no official word on it yet.
Tesla just emptied its well-known Bitcoin wallets, moving everything to undisclosed locations. The funds went to legacy P2PKH addresses, with the first transfer of 1,800 BTC heading to a wallet starting with "1D6Vh." Since that first transfer, the funds have stayed put, which has piqued the interest of the crypto community. They moved the rest of the 11,509 BTC across about 20 transactions, all adding up to over $760 million.
With Elon Musk's other company, SpaceX, sitting on 8,285 BTC worth around $555.47 million, this makes you wonder if there’s some kind of coordinated plan going on. Musk's businesses have been big players in crypto, and these large transactions might suggest a strategic shift. But it’s still a mystery whether Tesla sold the Bitcoin or just moved it for safety.
The only reason why this meaningless transfer is in the news is because there is a "celebrity" behind it. Otherwise this transaction is nowhere near the biggest amount of bitcoin transferred. It is also not uncommon to see such large sums being moved.
Here is about 14800 transactions moving more than 2000 bitcoins in 2024 in descending order starting from 210010 BTC ($9 billion) moved:
https://blockchair.com/bitcoin/transactions?s=output_total(desc)&q=time(2024-01-01..2024-10-16),output_total(200000000000..)#f=hash,block_id,time,output_total,output_total_usd
They usually disclose their BTC holdings in investor reports so we will eventually find out if they are selling or they just wanted to move them to new wallets. I dont see Musks companies as prominent players in the crypto space. They bought some BTC in a previous bull market and got a lot of publicity when they decided to accept it. Then Musk suddenly changed his mind about accepting it and sold some of Teslas coins. They have not been relevant to Bitcoin since then, aside from a few people being curious to see if they still have their remaining coins.
Reasons of the transaction is unknown and people like always, wait for news and speculate what will happen next after the news of this transaction. They deserve to be manipulated by news.
They have understand that it's bitcoin owns by Tesla, not by an individual like Elon Musk and these bitcoins will be sold some day. Tesla as a company must serve their company investors and there will be pressure from investors on Tesla to sell bitcoins. Tesla can not hold their bitcoins forever under customer pressure, but I don't see risk that Tesla will sell these bitcoin too soon. If they want, they would have sold these bitcoins in last bull run, or ATH this year before April halving.
It is not risky if Tesla moved bitcoins from previous wallet to a new wallet, to secure their fund better.
Maybe Tesla realises that the environmentally damaging EV market is dying, and they want to move assets out of the company while they can. I see another 4 french people were burnt to death in a Tesla because they couldn't get out of the car.
https://www.cbsnews.com/news/tesla-crash-france-fire-4-deaths-investigation/
Yeah, there will be a fuss about it, but it will be forgotten eventually, as nobody would know what would happen to the money and why. Many reasons can be speculated as to why that happened.
We will know whether they sold or not in Q4 report which is usually released in January although I do not think they sold.
Tesla and Elon Musk news no longer affects the price of Bitcoin as it did in 2021, so ETF news is what affects the price.
That's just like saying I'm transferring $0.10 today in BTC.
Cause you know that this amount $760m is only about 0.11% of Tesla value right? 700 billion Tesla value now. Nobody makes a big deal anymore because this isn't a big deal at all.
My total value is something like $3000. I'm not kidding, the bank told me this lol So that's like me transferring $3.3 in BTC now to make the news.
Unlike Michael J. Saylor, Elon Musk has been inconsistent with his crypto policies so I don't see him as a major player in the industry. All we can do is just speculate about the reason for these transfers. Maybe the move is for security reasons. It could also be that he wants to sell it or he wants to create FUD. But such a move wouldn't affect the market because the amount is insignificant and investors are used to Elon's tricks.
I read the news and it was sad to know that four people lost their lives in such a painful manner. Telsa have a way of silencing criticism of its faulty products. The company might decide to settle a lawsuit like it did in the case of a Silicon Valley engineer who died in a crash because he was relying on the company's semi-autonomous driving software.
You are doing an improper comparison here. Saylor and Musk run their companies that have different businesses and products. Musk companies, Tesla and SpaceX nearly don't have anything closely related to Bitcoin. Oppositely, Saylor has Micro Strategy that is a company with diversifying products but recent years one of their main focuses is Bitcoin.
Micro Strategy considers that Bitcoin is the end game and they've never stopped accumulating Bitcoin since September 2020.
https://saylortracker.com/
Maybe you misunderstood what I said. My comment is that Elon Musk has been inconsistent with his Bitcoin policies. His company Telsa was accepting Bitcoin as payment but later suspended it. He also said he would never sell his Bitcoin, but he backtracked. But Micheal Saylor has been consistent in his investment in Bitcoin and keeps adding to his hodling. Anyway, the thread is not about these individuals but the transfer of funds from Telsa.
There was already a thread with similar content created by @bbc.reporter. I think I will just reply there.
Tesla transfers $760 million bitcoin to unknown wallets
And that is why people are easily manipulated. They put so much focus on the activities of public figures that should be irrelevant in the grand scheme of things. Nobody should care if Tesla wants to sell their bitcoin or move them to another wallet. There are many reasons why they should do so if they want to. Bitcoin is not built around these people. No matter what they do, it should not affect bitcoin. Still, unfortunately, the opposite is the case because when people perceive that the motive of the transfer is to sell, they panic and sell their bitcoin too, thinking these people have some insider knowledge about bitcoin as if bitcoin is some company stock.
Yes, That was enough to shake the market for a while, although the price went up again shortly after. I think the direction of use will also be used to support operational costs ahead of the 2024 US Election in November, especially for the candidates they support and also during the election campaign process if we look at the direction visually.
Lol, if it did shake the market, then it's on the positive side and not the usually the negative associate with large transfer, specially with influential companies or people behind like Elon or Tesla.
Maybe it's time for them to report their profits that's why the make this move, or it is just strategically for their business plan or whatever. Your guess is as good as mine. And if the market is not shaken, it just shows that we are really over with Elon, unlike in 2020 after the halving, everything he done, we are really that affected, but not this time anymore as we already what he did that time.
People can decide to move their investment in bitcoin from one wallet to the other for various reasons. I don't think it's something that people should be worried about or it should be up for public discussions. Things like this don't move me because why will I bother myself for someone else bitcoin and how they chose to utilise it. Few months ago it was German government and others, yet today bitcoin is still making strong moves. So even if they decide to sell the bitcoin they moved I don't care.
Unless the coins are sent to an exchange and have the potential for a small and short price drop,... (which is also not much of a news), this is just another desperate call of the newspapers for "something to click onto".
Probably they've changed something related to the custody. Maybe somebody is about to get fired and should not know the private keys. Or maybe Elon got a discounted hardware wallet and transferred the funds onto it
Any idea, no matter how crazy, has a (tiny) chance to be the real cause. And.. what? does it really matter? It's their money.
You are very correct, i don't think the bitcoins were sold as well but i was just having the feelings that they might want to convert it to other coins and not leave it in bitcoin, maybe better still convert it to Dogecoin since that's the coin they use for their electric cars. It's true that news associated with Elon Musk no longer affects bitcoin price but if his motives are to later sell the $760 million worth of bitcoins i think it will definitely affect the price of bitcoin since they are the fourth largest holders of bitcoin among public organisations.
Whenever there is activity on Tesla's bitcoin address, it sparks conspiracy theories. And i feel so tired of it.
They'll likely sell it, then fund MAGA's campaign. Or, their keys were compromised, and they moved it all to a new wallet. Those activities were common things.
As long as Tesla's bitcoin are not going to the exchange sites, no need to feel panic. It's just a usual activity in the crypto market. Even if they sold it, and that's their btc.
Bitcoin is anonymous- to some extent.
Bitcoin is pseudonymous- to some extent.
You know what, I wonder why we take so much interest in other people's business to the point of following every money trail some of these accounts make and expect markets to grow if anything I believe it's such news that could bring about fear panic and all that because others could misinterpret this has something is going on in the markets and these guys could have inside information.
Maybe Tesla trying to breakeven and trying to get their lost value of these assets as we get ready to see 70K..