Tesla has confirmed in its most recent quarterly report that it has not sold any of its bitcoins, maintaining an investment valued at $184 million. This clarification comes after Arkham Intelligence denied sales rumors, explaining that the funds had been transferred to new addresses controlled by the company.
The company, led by Elon Musk, made its first investment in Bitcoin in 2021 with an initial purchase of $1.5 billion, although it has reduced its position on several occasions. According to the balance sheet for the third quarter of 2024, Tesla still holds 11,509 BTC, valued at more than $750 million.
Rumors about a possible sale arose when Tesla moved all of its bitcoins to unknown wallets, sparking market speculation. However, Arkham Intelligence clarified that the relocation was part of a wallet rotation strategy, with the company maintaining control over its BTC.
Five people convicted of $21.6 million Cryptocurrency fraud
Five individuals have been sentenced to prison for their involvement in a $21.6 million cryptocurrency fraud, used to finance an extravagant lifestyle that included the purchase of a shark tank, private jets, sex workers and luxury cars. The fraud affected about 40,000 investors through schemes such as EXW Wallet and the EXW token, according to Austrian media Heute.
Two of the defendants received sentences of five years in prison, while the other three were sentenced to lesser terms of 30 and 18 months. Judge Claudia Bandion-Ortner issued the sentences after a two-month trial at the Klagenfurt Regional Court, the largest fraud trial in Austrian history. Some of the funds were moved in plastic bags from Dubai to Austria, where the fraudsters enjoyed a life full of luxury.
Michael Saylor clarifies his position on Bitcoin self-custody after criticism
Michael Saylor, founder of MicroStrategy and one of Bitcoin’s most prominent proponents, clarified his stance on cryptocurrency self-custody after receiving criticism for his previous comments on regulated custody. In a recent post on X, Saylor stated that he supports self-custody for those who can manage it, defending the right to choose between personal or institutional custody.
Saylor had sparked controversy after suggesting in an interview that storing Bitcoin in regulated entities, such as BlackRock or Fidelity, could be a safer option. This sparked a backlash from figures such as Vitalik Buterin, co-founder of Ethereum, who called the stance “insanity,” arguing that it favors regulatory capture and undermines the decentralized essence of cryptocurrencies.
I support self-custody for those willing & able, the right to self-custody for all, and freedom to choose the form of custody & custodian for individuals & institutions globally. #Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone.
— Michael Saylor⚡️ (@saylor) October 23, 2024
Max Keiser, another Bitcoin pioneer, also criticized Saylor, suggesting that his comments favored the banking centralization that Bitcoin seeks to combat. In response, Saylor stressed that Bitcoin should welcome all forms of investment, regardless of the type of entity involved.
Bitcoin Could Hit $92,000 If Trump Wins Presidency, Expert Says
Jeff Park, head of alpha strategies at Bitwise, has predicted that the price of Bitcoin could reach $92,000 if Donald Trump wins the US presidential election in November 2024. In a post on X, Park explained that his analysis, based on merger odds and arbitrage, suggests a strong correlation between a Trump victory and an increase in the price of Bitcoin.
Charting $BTC price against Trump’s odds (via @Polymarket) from 8/15 to 10/20 reveals some wild swings—particularly when Harris and Trump took turns leading. By applying merger arb-style probability math, I project a Trump victory could push BTC to ~$92,000
Take that as you will pic.twitter.com/OGy8M3Vju1
— Jeff Park (@dgt10011) October 22, 2024
Other experts, such as crypto millionaire Erik Finman, also share this perspective, predicting that Bitcoin could surpass $100,000 under a Trump administration, backed by crypto-friendly policies.
However, critics such as investor Mark Cuban warn that any increase in price could be temporary, followed by a correction after a few weeks. The relationship between cryptocurrencies and the American political landscape remains a topic of constant debate.
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