Tesla and SpaceX Own $1.3 Billion in Bitcoin, Will BTC Prices Continue to Rise?

Bittime - Today's Bitcoin news,Friday 8 March 2024, is again showing positive movement. According to data from CoinMarketCap, Bitcoin (BTC) is up 1.55 percent in the last 24 hours at $67,035.

One of the factors driving this price increase was the disclosure that Tesla and SpaceX, the company led by Elon Musk, owned a total of 1.3 trillion rupiah in Bitcoin (BTC).

According to data from Arkham Intelligence, Tesla currently has 11.51K BTC worth $780 million (around 11.3 trillion rupiah) stored in 68 different addresses. Meanwhile SpaceX has 9.29K BTC worth $560 million (around 8.2 trillion rupiah) in 28 different addresses.

Tesla is known to have bought $1.5 billion (around 22 trillion rupiah) of BTC in January 2021 and sold it on two occasions. The first sale occurred in Q1 2021 with a value of $272 million (around 4 trillion rupiah).

Bitcoin Price Analysis and Prediction

Analysts see Tesla and SpaceX's ownership of BTC as a positive signal for Bitcoin's future. This shows the trust of large companies in this digital asset.

"Tesla and SpaceX's ownership of Bitcoin is a huge validation for Bitcoin and shows that large institutions are starting to accept it as a legitimate asset," said Michael Saylor, CEO of MicroStrategy.

However, keep in mind that the cryptocurrency market is still relatively volatile and speculative. Investors need to be careful and do their own research before investing in Bitcoin.

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Other Factors Affecting Bitcoin Prices

Apart from Bitcoin ownership by Tesla and SpaceX, there are several other factors that can influence Bitcoin prices in the future, including:

• Bitcoin Adoption by Institutions: The more institutions that accept Bitcoin as an investment and payment asset, the more stable and increasing Bitcoin prices will be.
• Regulation: Clarity of regulations from governments and regulators in various countries will provide legal certainty for investors and encourage Bitcoin adoption.
• Technological Development: Innovation and development of blockchain and cryptocurrency technology will increase the scalability and security of Bitcoin, making it more attractive to investors.
• Demand and Supply: Like any other asset, the price of Bitcoin is determined by supply and demand. If demand for Bitcoin continues to increase, the price of Bitcoin will tend to rise.

Also Read How to Buy Crypto:

Bitcoin Investing Tips

Here are some tips for investing in Bitcoin safely and wisely:

1. Do Research: Learn about Bitcoin, blockchain technology, and the cryptocurrency market. Understand how Bitcoin works and the risks.

2. Diversify: Don't put all your eggs in one basket. Diversify your portfolio by investing in various assets, including Bitcoin.

3. Invest Money You Can Afford to Lose: Cryptocurrency is a high-risk asset. Invest only money you can afford to lose.

4. Use a Secure Bitcoin Wallet: Store your Bitcoins in a secure and trusted Bitcoin wallet.

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Conclusion

The increase in Bitcoin prices driven by Tesla and SpaceX ownership is a positive signal for Bitcoin's future.

However, investors need to consider various factors that can influence the price of Bitcoin before investing.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  for Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?

What is Bitcoin Halving and How Does It Affect Bitcoin?

Mining Bitcoin vs Validating Bitcoin Transactions

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.