Tesla moved 11,500 Bitcoin worth over $769 million from its wallets for the first time in two years, sparking speculation. The funds, distributed across seven unknown wallets, were shifted on October 15, but Tesla has not announced whether it plans to sell its holdings.
Some believe the move could indicate Tesla is taking direct custody of its Bitcoin, possibly preparing to reactivate Bitcoin payments.
Tesla’s Q3 earnings report, due October 23, might reveal more about the decision. Tesla previously sold Bitcoin in June 2022 and had paused accepting Bitcoin payments over environmental concerns in 2021.
The reasons for the transfer remain unclear, sparking widespread speculation online. Tesla’s unexpected move quickly caught the attention of social media, with numerous theories emerging about why the company made the transfer after holding for so long. Despite the shift, Tesla still retains a substantial amount of Bitcoin in its reserves.
Bitcoin’s price remained steady at around $67,000. Meanwhile, Elon Musk hinted at bringing back Dogecoin payments for Tesla merchandise.
Image Credit: Pixabay
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