Elon Musk’s Tesla Is Braced For A Surprise Bitcoin Price Shock After SpaceX Set Alarm Bells Ringing
Bitcoin, fresh from hitting an all-time high earlier this month, is swinging wildly even as U.S. president Donald Trump issues a huge crypto prediction.
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The bitcoin price has doubled from this time last year, soaring as a $37 trillion nightmare engulfs the Federal Reserve.
Now, after Tesla and SpaceX billionaire Elon Musk confirmed a wild bitcoin rumor, Wall Street is bracing for Tesla’s worst quarter in years that could be saved by the bitcoin price rally—just as SpaceX begins moving its bitcoin for the first time in years.
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Elon Musk, Tesla and SpaceX chief executive, is one of the most important influencers of the bitcoin ... More price.
“We see [Tesla] results coming in largely in line due to bitcoin gain,” GLJ Research analyst Gordon Johnson wrote in a note to clients seen by Barron’s.
Tesla, which is believed to hold just over 10,000 bitcoin worth $1.3 billion on its balance sheet, is expected to report a 10% decline in revenue from the same period last year to $22.7 billion when it updates the market on its second quarter after Wednesday’s close, with adjusted earnings per share forecast to drop almost 20% year-over-year to $0.42, according to estimates compiled by Visible Alpha.
In January, Tesla’s profit for its fourth quarter of last year was given a $600 million mark-to-market boost due to changes in how companies account for their bitcoin and crypto holdings, with the bitcoin price then falling through the first few months of 2025 before sharply rebounding from April, climbing to a peak of $123,000 per bitcoin.
The bitcoin price has soared 50% since its April lows, when it crashed alongside stock markets that were roiled by U.S. president Donald Trump’s global tariff trade war.
Earlier this month, Musk, who set up and led the Trump administration’s department of government efficiency (Doge) and was jokingly called Trump’s “first buddy" until their fallout over out-of-control government spending, announced he’s starting his own political party called the “America Party" that will support bitcoin.
“Fiat is hopeless, so yes,” Musk posted to X, replying to a user who had asked if "the America Party embrace bitcoin," sending the bitcoin price sharply higher, and referring to government-backed currencies known as fiat, rather than asset-backed currencies.
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ForbesWild New Satoshi Nakamoto Theory Emerges From Massive $8 Billion Bitcoin Transfer MysteryBy Billy BambroughThe bitcoin price has rocketed higher since Elon Musk bought bitcoin for his companies Tesla and ... More SpaceX.
Musk’s hot-and-cold relationship with bitcoin has meant that even small references or mentions of bitcoin and crypto can cause prices to ricochet wildly.
Meanwhile, Musk’s rocket company SpaceX has set alarm bells ringing that either Tesla or SpaceX could be preparing to sell their bitcoin by moving $153 million worth, with analysts at blockchain data company Arkham Intelligence spotting the move earlier this week.
The 1,300 bitcoin moved by SpaceX is just a fraction of the near 8,200 bitcoin SpaceX is believed to hold, according to data from bitcointreasuries.net.
In 2022, Musk sold most of the bitcoin Tesla had bought just over a year earlier, causing the bitcoin price to briefly plummet and sending shockwaves through the crypto market that Musk had been a vocal supporter of.
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