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Elon Musk Ends His Bitcoin Silence With A Surprising Comment

Elon Musk’s one-word reply on X has put Bitcoin again within the headlines, even when the remark was transient. His easy response — “True” — got here after a broadly shared submit linking latest beneficial properties in gold, silver and Bitcoin to heavy authorities spending and foreign money debasement. Markets and crypto followers observed quick.

Musk’s Brief Reply Signals Interest

According to the submit by ZeroHedge, which has greater than 2 million followers, the rallies have been tied to what the creator referred to as an AI “arms race” between the US and China and to large-scale fiscal outlays.

Musk agreed with the thread. He added a view that echoes a standard pro-Bitcoin line: fiat will be printed, whereas Bitcoin’s tie to power offers it a distinct type of backing. That single-word reply reopened a dialog many thought had cooled.

Tesla’s Past Moves And Holdings

Based on studies, Tesla purchased $1.5 billion of Bitcoin in early 2021 and stated it could take the coin as fee for automobiles. But the deal was short-lived.

The firm quickly stopped accepting Bitcoin due to issues about mining’s heavy power use and stated it’d resume funds solely after a significant transfer towards renewable mining practices.

By mid-2022, Tesla offered about 75% of its holdings, a transfer that occurred close to a market low and drew extensive discover. According to Arkham Intelligence, Tesla nonetheless holds roughly 11,509 BTC, which is price about $1.25 billion at present costs.

What The Market Might Be Watching

Traders learn indicators. A single public endorsement from a high-profile govt used to maneuver costs extra. That was the case in 2021 when Tesla’s funding and fee plan helped elevate sentiment.

Now, the context is totally different. Crypto markets are greater and extra various, and a one-word message doesn’t equal a company determination. No official change at Tesla has been reported, and firm spokespeople haven’t confirmed any shift in technique.

Featured picture from ET Edge Insights, chart from TradingView

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