Elon Musk’s SpaceX Bullish On Bitcoin, Will BTC Price Rally?

Elon Musk’s aeronautics and satellite communications company SpaceX is upbeat on space exploration and launched its 4-person crew Polaris Dawn to attempt the world’s first private spacewalk. The company and its CEO Musk are not only bullish on space but Bitcoin, with almost $500 million in BTC holdings.

SpaceX Bullish on Bitcoin: Arkham Intelligence

Arkham in a post on September 10 noted the attempt by SpaceX today to make history with its Polaris Dawn mission. The blockchain data firm added that the aeronautics company holds almost $500 million worth of Bitcoin in a wallet. This indicates the companies are not only bullish on automobile technologies and space exploration but also on Bitcoin.

As per Arkham data, SpaceX has 8.285K BTC valued at $471.48 million. The company hasn’t sold any Bitcoin for the last 2 years. The last significant transaction of 1.26K BTC to crypto exchange Coinbase happened on June 10, 2022.

Dogecoin fan Elon Musk’s companies Tesla and SpaceX are holding nearly 19,800 BTC worth over $1 billion in multiple wallets, as per earlier reports. Arkham Intelligence claims the reserve is divided across many wallets: Tesla holds around 11,500 BTC across 68 addresses, while SpaceX holds around 8,300 tokens across 28 wallets. This points to the increasing number of companies bullish on the crypto market leader. In recent years, institutional demand has fueled the asset’s growth with its price soaring above $73,000 in Q1 2024 before sliding to current levels.

BTC Price Performance

BTC price jumped nearly 3% in the past 24 hours, with the Bitcoin price currently trading at $56,900. The 24-hour low and high are $54,848 and $58,041, respectively. Moreover, the trading volume has increased by 40% over the last day, indicating a rise in interest among traders.

Elon Musk’s recent “Department of Government Efficiency” or “D.O.G.E” post on X has sparked market optimism towards the leading dog-themed meme coin, especially Dogecoin. DOGE price saw a 12% rally in the last few days, creating speculation if Musk can push DOGE to $1.

SpaceX and Tesla’s Bitcoin holdings remain unchanged for years, indicating a plan to continue holding them. It’s a significant factor for considering the Bitcoin rally in this cycle. Bernstein analysts predicted BTC rally to $90,000 if Donald Trump wins this presidential election.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.