SpaceX Bullish on Bitcoin With $500M Holdings as Polaris Dawn Launches: Is a Rally Coming?

SpaceX, led by Elon Musk, is bullish on Bitcoin with nearly $500 million in BTC holdings, as it launches its Polaris Dawn crew to attempt the world first private spacewalk. Will BTC rally next?

Elon Musk aeronautics and satellite communications company, SpaceX, continues to make headlines, not just for its ambitious space missions but also for its strong stance on Bitcoin. SpaceX recently launched the Polaris Dawn crew, a historic mission aiming to achieve the world’s first private spacewalk. This move further underscores the company’s bullish stance on space exploration, but it also highlights its belief in Bitcoin, with significant holdings valued at nearly $500 million.

According to blockchain analytics firm Arkham Intelligence, SpaceX holds 8.285K BTC, currently valued at $471.48 million. This signals that the company and its CEO, Elon Musk, are not only focused on space and automobile technologies but are also confident in Bitcoin’s long-term potential. Notably, SpaceX has not sold any Bitcoin over the last two years, with the last major transaction occurring in June 2022 when 1.26K BTC was transferred to Coinbase.

Musk personal and corporate support for cryptocurrencies, particularly Bitcoin, is no secret. His recent post on X (formerly Twitter) referencing “Department of Government Efficiency” or “D.O.G.E.” sparked renewed interest in Dogecoin, resulting in a 12% rally in DOGE price. Market speculation continues to swirl about whether Musk can push the meme coin to the elusive $1 mark.

SpaceX unwavering commitment to holding Bitcoin, alongside Tesla steady BTC reserves, adds weight to the idea that both companies are positioning themselves for future Bitcoin price appreciation. With the potential for a Bitcoin rally in the current cycle, many are eyeing these holdings as a critical factor in market movements.

Financial analysts at Bernstein have suggested that Bitcoin price could surge to $90,000 if political factors, such as the upcoming U.S. presidential election, align favorably. With SpaceX’s substantial Bitcoin holdings intact, a future BTC price rally could significantly bolster the company’s financial portfolio.

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