Elon Musk’s SpaceX owns more than $ 1 billion worth of bitcoin

The value of SpaceX’s bitcoin assets has exceeded $ 1 billion amid the establishment of new cryptocurrency price records. According to Arkham Intelligence, Elon Musk’s company currently owns 8,285 BTC worth about $ 1.02 billion.

This is not the first time SpaceX’s bitcoin portfolio has been valued at more than a billion dollars. At the beginning of 2021, its volume reached about 28,000 BTC, and in April of the same year, the estimate was $ 1.8 billion. In mid-2022, the company reduced its reserves by about 70%, which could be a reaction to crisis events in the industry, including the collapse of the Terra-Luna ecosystem in May, the FTX bankruptcy in November, and the related consequences. According to available data, SpaceX has not made any new bitcoin purchases since then.

During the same period, Tesla also sold off most of its bitcoin assets. Currently, it owns 11,509 BTC worth about $ 1.42 billion.

The rise in the value of bitcoin on Wednesday brought its rate to $ 123,117, with a maximum of more than $ 124,300, exceeding the previous record in July. The cryptocurrency’s market capitalization reached $ 2.452 trillion, allowing it to surpass Google with $ 2.448 trillion and rank fifth among the world’s largest assets.

The current rally in bitcoin BTC $118,366.72 Bitcoin -2.66% Market capitalization $2.36 trillion VOL. 24 hours $3.68 billion , ethereum ETH $4,593.87 Bridged Ether (StarkGate) -0.94% Market capitalization $0.12 billion VOL. 24 hours $5.65 billion and other cryptocurrencies is partly explained by the expectation of a US interest rate cut in September after the publication of more moderate than expected macroeconomic data. According to Paul Howard, senior director at Wincent, the July consumer price index remained at 2.7% instead of the forecasted increase to 2.8%, which increases the likelihood of a correction in US monetary policy in favor of BTC and ETH.