What Elon Musk does with Bitcoins is always watched with eagle eyes by fans of the cryptocurrency. When Tesla bought cryptocurrencies for $1.5 billion two years ago, bitcoin surged to an all-time high. Now it's going in the opposite direction: Musk's space company Space X has apparently sold Bitcoin on a large scale and thus pulled the price down.
According to a Wall Street Journal report, Space X has sold all of its Bitcoin holdings worth $373 million. This emerges from annual reports that are available to the journal. It is unclear when exactly the sale took place. The Bitcoin price fell by around 12 percent shortly after the report was published on Thursday evening. As of Friday morning, the price was around $26,000, its lowest level in two months. In mid-July, the price was still almost $32,000.
Other cryptocurrencies such as Ethereum also lost significant value. Cryptocurrencies often fluctuate in value in the short term, which is why they are among the particularly risky investments. The Bitcoin all-time high is on November 10, 2021 and is $68,789.63.
Elon Musk has shown a great soft spot for cryptocurrencies in the past and helped promote the hype. He is particularly considered a fan of the Dogecoin. The currency was originally launched as a parody, but is still accepted as a means of payment by Musk's company Tesla. Space X had built up its Bitcoin holdings like Tesla did in 2021. Tesla sold more than $900 million in bitcoin holdings last year.
Most recently, the scandal surrounding FTX founder Sam Bankman-Fried shook the crypto scene. The crypto exchange FTX slipped into bankruptcy at the end of 2022, Bankman-Fried has been accused of financial fraud and money laundering.