Dogefather Elon Musk’s Tesla and SpaceX Hold a Combined Total of $2 Billion Bitcoin (BTC)

Dogefather Elon Musk’s Tesla and SpaceX hold a combined total of $2 billion Bitcoin.

Their BTC holdings have increased by $1.5 billion since purchase.

Each BTC in their holdings were bought at an average of $32,000.

Bitcoin continues to show resilience and strength as it continues to trade at the $107,000 price level on its way to break past the $108,00 and $110,000 resistance barriers. As BTC accumulation continues to increase between retail, whales, and institutions, Arkham analytics reveals that Dogefather Elon Musk’s Tesla and SpaceX hold a combined total of $2 billion Bitcoin (BTC)

Tesla and SpaceX Hold a Combined $2 Billion BTC

The crypto market seems to be in a steady recovery state since the geopolitical tensions between Israel, Iran, and the USA seem to have simmered down. One reputed analyst anticipated a greater price dump, one that could’ve pulled the price of BTC to the $82,000 - $93,000 price range. Instead, bullish BTC accumulation from whales, retails, and institutions allowed BTC price to pump as the war threat dissipated

Since then, several financial institutions have been heavily accumulating the pioneer crypto asset. Of course, most BTC advocates have been accumulating BTC at an accelerated pace since the start of the ongoing bull cycle. However, most BTC advocates have been early adopters who have been accumulating BTC since the previous bull cycle. This early accumulation was triggered by El Salvador

Last bull cycle, the President of El Salvador, Nayib Bukele, officially made Bitcoin a legal tender. Following this move, the country went on to accumulate Bitcoin and hasn’t slowed down since. In this one move, El Salvador began a BTC accumulation race, one that was immediately met by Michael Saylor’s Strategy, then MicroStrategy. Since the last bull cycle, these two have led the charge alongside Elon Musk’s companies

To highlight, Elon Musk has been a long-time advocate for cryptocurrencies. He especially had a soft spot for Dogecoin (DOGE), calling the lovable pioneer memecoin the people’s token. So much was his influence towards the memecoin that a simple post from him could send the price of DOGE to higher targets. Now, Dogecoin is seen as a respected altcoin, and Elon Musk is referred to as the Dogefather

Furthermore, Elon Musk also saw merit in Bitcoin, and Tesla and SpaceX are now both holders of Bitcoin (BTC). Although this was a slow build-up too, Musk thought Bitcoin a resource that consumed too much energy and sold Bitcoin for a while before seeing its potential and then buying back, believing it could be a better option for sustainability someday in the future

Thus, Tesla and SpaceX continued to accumulate more Bitcoin (BTC). As we can see from the post above, Arkham Analytics confirms that Elon Musk’s companies, Tesla and SpaceX, together hold a combined total amounting to $2 billion in BTC with an average purchase price of $32,000 per BTC held. Compared to the purchase price, the entities have seen a profit of almost $1.5 billion in BTC.