BofA’s Hartnett says concentrated U.S. stock returns are likely to persist
U.Today - Elon Musk’s Tesla remains committed to Bitcoin (BTC) as its holdings are now valued at more than $1.25 billion, based on data from Arkham. By owning 11,509 BTC, the electric carmaker reinforces Musk’s optimism about the leading cryptocurrency.
Tesla holds firm on Bitcoin holdings
Despite recent fluctuations in Bitcoin’s price, Tesla hasn’t sold any of its holdings, demonstrating that Musk and the company remain confident in Bitcoin’s long-term potential.Tesla first purchased Bitcoin in 2021, acquiring $1.5 billion worth of the digital asset and even briefly accepting it as a payment method for its vehicles. While the company has sold small amounts of its BTC holdings, it has retained most of its investment, even after suspending Bitcoin payments over environmental concerns.
Tesla’s commitment to holding Bitcoin through volatile price swings sets it apart from many other companies, which often cash out during price highs or sell in panic during downturns. Analysts believe Tesla’s approach serves as a reminder that major Bitcoin investors still view it as a viable and strategic asset.
This strategy aligns with a broader trend of growing institutional adoption. Since Tesla’s initial investment, more financial firms have begun offering Bitcoin-related services, and regulatory clarity has improved in several countries, boosting Bitcoin’s legitimacy and appeal.
BTC dips 1.85% after record high
Following a new all-time high on Thursday, Bitcoin’s price dropped 1.85% to $109,448, according to current CoinMarketCap data. The cryptocurrency briefly fell 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, larger than the GDP of many countries.
Bitcoin’s trading activity has declined by 12.98% in the last 24 hours, with volume now at $67.94 billion. Nevertheless, with a 100% profile score on CoinMarketCap, BTC continues to be considered a trusted digital asset.
Like Tesla, many top holders are choosing not to sell. For example, prominent Bitcoin whale James Wynn has stated that he won’t sell his holdings but instead plans to buy more.