Elon Musk’s Tesla continues to be committed to Bitcoin (BTC) as its holdings are valued at over $1.25 billion based on Arkham data. By owning 11,509 BTC, the electric car maker strengthens mask optimism on major cryptocurrencies.
Tesla owns a company at Bitcoin Holdings
Despite recent fluctuations in Bitcoin prices, Tesla has not sold its holdings, indicating that Mask and the company are confident in Bitcoin’s long-term potential.
Tesla first purchased Bitcoin in 2021, acquired $1.5 billion worth of digital assets, and temporarily accepted it as a payment method for vehicles. The company sells small quantities of its BTC holdings, but it maintains a large portion of its investment even after suspending Bitcoin payments for environmental concerns.
Tesla’s commitment to retain Bitcoin through volatile price fluctuations sets it apart from many other companies. Analysts believe Tesla’s approach serves as a reminder that major Bitcoin investors still view it as a viable and strategic asset.
This strategy is consistent with a broader trend of institutional adoption growth. Since Tesla’s early investments, more financial companies have begun offering Bitcoin-related services, improving regulations clarity in several countries, increasing the legitimacy and appeal of Bitcoin.
BTC falls 1.85% after a record high
Bitcoin prices fell 1.85% to $109,448, following the new all-time high on Thursday. Cryptocurrency dropped briefly from around $111,400 to nearly $108,000 before recovering to its current level.
Despite this dip, Bitcoin remains dominant in the crypto market, with a market capitalization of $2.17 trillion, which is greater than the GDP of many countries.
Bitcoin trading activity has now dropped by 12.98% over the past 24 hours to $67.94 billion. Nevertheless, BTC continues to be considered a reliable digital asset, as it has a 100% profile score on CoinMarketCap.
Like Tesla, many top holders choose not to sell. James Wynn of the famous Bitcoin Zilla, for example, says he plans to buy more, rather than selling his holdings.
