Elon Musk’s Tesla company has achieved a profit for the first two-year period. transferred All of the $760,000,000 worth of Bitcoins from the public wallet. Arkham Intelligence revealed on Wednesday that the company had made multiple transactions in order to remove its Bitcoin holdings from its wallet. BTC was awash with excitement after the transaction, as the BTC asset quickly reached $67,0000.
Tesla moved $75.18 millions, $76.08millions, and $77.16millions in its first three important transactions. This is said to have occurred in rapid succession. Tesla, on the other hand, transferred $75.18 millions to a different unidentified wallet while sending $76.16 million and $76.08 in the same wallet.
Tesla Bitcoins have not yet been exchanged for stablecoins, or even made their way to wallets. It is therefore a mystery why Musk decided to take this step after an interminable two-year wait. As of when the company made this move, Tesla was already the fourth largest corporate Bitcoin holder. They had over 10,000 tokens at the end of 2021. Tesla nor Musk has publicly responded to the news, however the possible reasons for the change are varied.
Also Read: Kraken Launching Its Own Wrapped Bitcoin Token, kBTC
What is the reason for Tesla’s Bitcoin move?
Maartunn Maartunn is a CryptoQuant analyst who believes there are at least three reasons why Tesla decided to switch its Bitcoin.
- Tesla can transfer Bitcoin for compliance or internal audits.
- Tesla is likely to use multiple wallets. Maartunn says that this is unlikely because both addresses are similar.
- Restructuring of Funds: Similar to the Mt. Gox. This speculation is best avoided, however, until evidence such as the transfer of Coinbase to Coinbase has been established. This is not true for now.
Also Read: Inside Tesla HQ: Musk & Bukele’s AI and Bitcoin Masterplan Revealed!
Facebook users have also speculated on the role that UTXOs, or unspent transactions outputs, played in the Tesla Bitcoin deals. A UTXO represents an amount, which has not been spent yet and is waiting to be used by future transactions. Each UTXO that is used to make a transaction can increase the size of the transaction, which could lead to increased fees. The consolidation of transactions leads to less inputs in future transactions. In turn, this reduces costs and speeds up future transactions.
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Source: watcher.guru
