Tesla Billionaire Elon Musk Reveals How Much Bitcoin He Owns (2024)
Billionaire Elon Musk is a huge fan of cutting-edge technology and is usually ahead of the curve when it comes to finance, but he's not a bitcoin bull. The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token.
"I literally own zero cryptocurrency, apart from .25 BTC that a friend sent me many years ago," Musk confessed.Using today's bitcoin price of about $10,000 a coin, that translates to $2,500.
Musk's indifference to bitcoin probably wasn't a shock to his fans,since he recently revealedthat "a friend sent me part of a BTC a few years, but I don’t know where it is." (See also:Elon Musk: Education, Success Story and Net Worth.)
Is Elon Musk Satoshi Nakamoto?
In November 2017, Musk denied rumors that he was Satoshi Nakamoto, the mysteriousinventor of bitcoin. The brouhaha erupted after aformer SpaceX intern,Sahil Gupta, in ablog post on Medium, wrote "Satoshi is probably Elon."
Gupta reasoned: "Elon is a self-taught polymath. He’s repeatedly innovated across fields by reading books on a subject and applying the knowledge. It’s how he built rockets, invented the Hyperloop (which he released to the world as a paper), and could have invented Bitcoin."
The true identity ofNakamoto has never been confirmed, but there has been a steady stream of speculationabout who he is ever since bitcoin quietly launched in 2009. (See also:Tesla CEO Elon Musk Denies Being Bitcoin Creator.)
Meanwhile, Musk isn't the only billionaire who's skeptical of bitcoin and the cryptophenomenon. Bitcoincynics are put off by the virtual currency's erratic price movements, lack of regulation, and absence ofa valuation guarantee becauseit's not backed by a central bank.
Billionaire Charlie Munger, the second-in-command at Berkshire Hathaway, slammed bitcoin as a"noxious poison" and called the media hype surrounding digital currencies"totally asinine."
And in its latest letter to clients, the Paul Singer-led Elliott Management, which oversees$34 billion in assets, excoriated cryptocurrencies as a bubble, a scam and a fraud.“This is not just a bubble," Elliott wrote. "It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars."
Investing in cryptocurrencies and other Initial Coin Offerings ("ICOs") is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies.
revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from . 25 BTC that a friend sent me many years ago," Musk confessed. Using today's bitcoin price of about $10,000 a coin, that translates to $2,500.
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Known Bitcoin reserves held by governments account for 2.7% of the total 21 million supply of bitcoins, with the largest being the US Government with over 210,000 bitcoins worth more than $13bn at the time of writing.
Elon Musk has been professing his love for Dogecoin for a few years now — his first post about it goes back to 2019, when he called it his “fav cryptocurrency” — and he has since been sending the crypto on a rollercoaster ride following each one of his multiple posts about it.
The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token. "I literally own zero cryptocurrency, apart from . 25 BTC that a friend sent me many years ago," Musk confessed.
The IRS treats cryptocurrencies as property for tax purposes, which means: You pay taxes on cryptocurrency if you sell or use your crypto in a transaction, and it is worth more than it was when you purchased it. This is because you trigger capital gains or losses if its market value has changed.
K33 analysts think that the biggest holder is Grayscale, which started as a digital currency investment firm. It is estimated to have around 450,000 bitcoins. Other giants include BlackRock (150,000) and Fidelity (102,000).
The most important thing to remember about Bitcoin is that it is a high-risk asset. Never invest money that you aren't willing to lose. Treat Bitcoin as a means of slowly growing your existing wealth rather than an all-or-nothing gamble. As with other investments, it's important to hedge your portfolio.
Participate in Bitcoin Faucets: Bitcoin faucets are websites that offer small amounts of free Bitcoins for completing simple tasks, such as solving captchas or playing games. While the rewards are relatively small, they can add up over time, providing you with a steady stream of free Bitcoins.
According to their analysis, Tesla holds over $771 million worth of Bitcoin across its wallets, while SpaceX wallets contain approximately $555 million in BTC.
Since 2000, Bitcoin (BTC-USD) and Tesla (TSLA) exhibited a correlation typically under 0.5, but since September, the correlation has been -0.59, Analyst Adam Jonas wrote.
When he says that he has a “bunch” of DOGE, it might mean more than six figures worth. However, it is unclear how much DOGE Musk owns. One theory suggests that Musk is a mystery Dogecoin (DOGE) whale with over 36 billion tokens. This wallet owns around 28.27% of the total DOGE in circulation.
How many bitcoins exist, and how many are left to mine? Limited Supply: Bitcoin has a maximum supply of 21 million coins, and as of March 2023, more than 19 million have been mined. Remaining bitcoins: There are approximately 1.5 million bitcoins left to be mined.
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