TL;DR Breakdown
- Elon Musk disclosed SpaceX’s Bitcoin holdings in 2021 following an SEC filing revealing Tesla’s intention to acquire $1.5 billion worth of the crypto.
- Crypto scams with detailed attention to SpaceX and Elon Musk surge flooding the crypto markets – Be weary.
- Elon Musk takes a keen look at Vitalik Buterin’s detailed tech report on “Community Notes.”
- Buterin endorsed X’s “Community Notes” feature emphasizing its relevance and relationship to “crypto values.”
Description
SpaceX reportedly sold Bitcoin worth approximately $373 million that it acquired beginning in 2021. According to a Wall Street Journal report published on August 17, SpaceX recorded Bitcoin holdings worth $373 million on its balance sheet in 2021 and 2022 but has since sold the cryptocurrency. According to documents viewed by the news organization, the … Read more
SpaceX reportedly sold Bitcoin worth approximately $373 million that it acquired beginning in 2021. According to a Wall Street Journal report published on August 17, SpaceX recorded Bitcoin holdings worth $373 million on its balance sheet in 2021 and 2022 but has since sold the cryptocurrency.
According to documents viewed by the news organization, the company’s total expenses for 2022 will be approximately $5.2 billion, with an additional $5.4 billion spent in 2021 and 2022 on property, equipment, and research and development.
SpaceX Bitcoin sales explained
In 2021, SpaceX CEO Elon Musk announced publicly that the company had acquired a particular amount of Bitcoin. This followed a filing with the U.S. Securities and Exchange Commission revealing Tesla, another company co-founded by Musk, intended to acquire $1.5 billion worth of the crypto asset. The announcement likely contributed to the price of Bitcoin surpassing $43,000 at the time.
According to Tesla’s Q2 2023 earnings report, the company had sold its remaining Bitcoin holdings worth $184 million. Tesla reported that it had sold more than 30,000 BTC for $936 million in the second quarter of 2022, representing approximately 75% of its original holdings of 1.5 billion BTC.
Musk, one of the world’s richest people, has frequently taken to social media to make comments on cryptocurrencies such as Dogecoin and Bitcoin, even changing Twitter’s then-blue bird logo to the DOGE Shiba Inu for a brief time. Since his $44 billion acquisition of Twitter (later renamed X) in October 2022, he has implied that the platform could provide “the entire financial world,” including banking and payment services.
Uncertainty surrounds the timetable of SpaceX’s rumored Bitcoin sale, but the crypto market experienced a significant crash in 2022 due to the failure of major firms such as Terraform Labs. Several technology companies and financial institutions possess Bitcoin and other cryptocurrencies.
SpaceX crypto scams featuring Elon Musk remain prevalent
In October 2022, following Elon Musk’s acquisition of Twitter, investors began to observe a significant increase in the number of fraudsters attempting to sell crypto using images of the billionaire. The majority of crypto scams are propagated through ads purchased by so-called “verified” users on X.
The issue is, of course, that X no longer verifies the authenticity of platform users. Musk decided to charge $8 per month for the blue tick mark, so anyone with a few dollars can purchase “verification.
Most of these crypto hoaxes feature a picture of Musk with his arms folded and the phrase “SpaceX Token Presale is Live.”
Avoid buying SpaceX crypto at all costs. This is a con. Given the prevalence of the advertisements on Twitter, it must be a con that at least some people fall for.
Elon Musk’s presence in crypto remains effective
Elon Musk, CEO of Tesla and proprietor of X, made an intriguing reference to Vitalik Buterin, co-founder of Ethereum, in a recent tweet. In response to Vitalik Buterin’s recent commentary on Community Notes, Elon Musk praised Buterin’s insightful analysis of the subject.
Buterin endorsed X’s “Community Notes” feature in an extensive blog post published today, emphasizing its relevance and relationship to “crypto values.”
Community Notes, a fact-checking utility that occasionally inserts context notes, maybe the closest thing to an implementation of “crypto values” in the mainstream world, according to the creator of ETH.
This attracted Elon Musk’s attention. As usual, the crypto community responded to Musk’s remark by tagging the ETH creator. An individual on Twitter interpreted this to mean that Musk is optimistic about ETH.
In an unexpected turn of events, Elon Musk began following Vitalik Buterin on Twitter in June. In recent months, Twitter has witnessed dramatic events unfurl, but amid this, Community Notes has emerged as a widely regarded tool that attempts to combat misinformation by providing context and facts to messages.
Elon Musk has devoted particular attention to this Twitter function. According to reports, Musk thanked Japanese contributors for their efforts in providing community remarks in Japanese, which prompted a response from the leader of the Shiba Inu breed, Shytoshi Kusama.
In July, Twitter was rebranded as X, signaling the beginning of Elon Musk’s plan to transform it into “the everything app.” Long before Elon Musk’s $44 billion acquisition of Twitter last year, he discussed developing a comprehensive service dubbed “X.” As is characteristic of Musk, the idea was expansive and amorphous.
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