TESLA

Tesla Buying Bitcoin Again?

Tesla's Bitcoin Speculation: Cryptocurrency data analytics platform Arkham Intelligence has sparked curiosity by adding Tesla's Bitcoin wallet tracking feature to its dashboard. Tesla's wallet now holds approximately 11,509 BTC, 1,789 more than the 9,720 BTC reported in its last earnings call, leading to speculation that the company might be buying Bitcoin again.

Musk's Bitcoin Journey: Tesla initially bought $1.5 billion worth of Bitcoin in February 2021 and briefly accepted BTC for car payments. However, the company sold about 10% of its holdings in March 2021 and approximately 75% in Q2 2022. Elon Musk has expressed both optimism and environmental concerns about Bitcoin in the past.

Market Watch: The Bitcoin community is eagerly awaiting Tesla's next earnings call to see if the company has resumed Bitcoin purchases. Meanwhile, SpaceX, another Musk-led company, holds Bitcoin on its balance sheet, influenced by MicroStrategy co-founder Michael Saylor, who sees a decade-long "gold rush" for Bitcoin driven by AI and ETFs.

💰 An early Bitcoin miner sold 1,000 BTC he mined back in 2010. At today’s prices this comes out to approximately $65.79 million. Trades like this are sparking discussions on market dynamics and the evolution of investor behavior. This significant transaction underscores the shift in Bitcoin ownership and its potential impact on market sentiment and pricing.

🚀 The "Bitcoin Power Law" model suggests a mathematical relationship in Bitcoin's price trajectory. According to Giovanni Santostasi’s model, Bitcoin's price could reach $1 million by 2033 and $10 million by 2045. The model compares Bitcoin's growth to urban expansion and has sparked both excitement and skepticism within the Bitcoin community.

🎓 Stanford University's student-run Blyth Fund has allocated 7% of its portfolio to Bitcoin. This was prompted by a pitch by Kole Lee, leader of the Stanford Blockchain Club. The fund invested in BlackRock's IBIT exchange-traded fund (ETF) as part of its strategy to hedge against monetary chaos and capitalize on market cycles.

📈 Tether stablecoin exceeds $100 billion in circulation, making it the third-largest cryptocurrency. It's widely used for moving money in cryptocurrency markets without exposure to price swings. Tether maintains its dollar peg by holding dollar-based reserves. The surge in Tether's circulation coincides with Bitcoin nearing a record high price.

📈 The Arizona Senate is exploring the idea of allocating a portion of state retirement funds to Bitcoin ETFs. This follows the SEC's approval of Bitcoin ETFs. The resolution, which passed with a 16-13 vote, encourages the Arizona State Retirement System and the Public Safety Personnel Retirement System to consider Bitcoin exposure.

🔍 SEC postpones decision on BlackRock and Fidelity's spot Ethereum ETFs. This follows a previous delay in January after approving spot Bitcoin ETFs. Analysts anticipate a final decision by May 23. Despite the delay, Ether's price has risen, with gains of 56.7% in the last month.

Do you think Bitcoin will hit an all-time high before the end of the week?

👍 Yes - 85.7%

👎 No - 14.3%

👍 Yes - “So much real demand and inflows to Bitcoin ETFs” - Sam

👍 Yes - “Due to the ETH ETF pushback and concerns, I believe that BTC will lead for now. Rising to new ATHs this week. However, Blackrock’s Brazil ETH / ETF will kick in soon and that is going to be something to watch.” - Phillip

👍 Yes - “No stopping it” - Rob

🔍 Osprey Funds is considering selling or merging its bitcoin trust with an ETF to prevent liquidation. The trust's units are trading at a discount to bitcoin's value. If unsuccessful, Osprey plans to liquidate the trust within 180 days. The firm previously sued Grayscale over misleading claims about ETF conversion.

📉 Nigerian authorities are blaming Binance for a 70% devaluation of the Naira, alleging currency manipulation and rate-fixing. Nigeria plans to issue an arrest warrant against Binance's CEO and have demanded $10 billion in compensation. Binance has also been accused of failing to register and pay taxes in Nigeria.

🦁 Brave, a privacy-focused web browser with over 60 million users, has integrated support for Bitcoin wallets into its built-in Brave Wallet. Brave aims to enhance privacy and security within its wallet.

41 - The number of days left until the 2024 Bitcoin halving. Estimated to happen on April 18, 2024.

$100,000 USD - The estimated price of Bitcoin on January 1, 2025 according to the long-term power law.

719.38 EH/s - The current estimated Bitcoin network hash rate. this would mark the highest hash rate ever if it remains consistent. The previous highest estimated hash rate on a 2-week scale is 581.15 EH/s.