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August 9, 2022
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Bitcoin

Tesla cars for BTC! The company wants to HODLować cryptocurrencies up to $ 100,000 –

Thanks to the impressive behavior of HODLs, Bitcoin (during the current cycle) should have no problem reaching $ 100,000. And most importantly – Musk said it, now Tesla cars for BTC!

Tesla cars for BTC – Muska company focused on HODL

Referring to the Decentrader report in the Cointelegraph newsletter, analysts (including Filbfilb, a Cointelegraph Markets associate) tried to deny the thesis that the BTC bullrun is starting to decline. Behind their optimism are data showing that more and more HODL investors are using BTC. Considering the popular “HODL Wave” indicator, it can be seen that there is less willingness to sell Bitcoin in a short period of time at a certain price, which provides a solid basis for further growth.

The annual “wave of HODL” suggests Bitcoin should easily reach $ 100k in the current cycle. The greater the amount of Bitcoin stored for a year or more, the less liquid the supply or potential sales pressure will be. Typically, if 50% or more of BTC is HODL, the bull market remains more stable. Below 50% is cause for concern.

– concludes the Decentrader

Following on from the 2017 bullrun, Cointelegraph he noticedthat those who bought BTC largely held their position despite making significant gains.

Blocking the supply of Bitcoin

As reported by Cointelegraph, about 36% of the current BTC consists of “younger” coins that have changed their address in the last six months. Stock data strengthen the pro-HODL attitude of investors. Overall funds go down as BTC / USD hits ATH.

Tesla cars for BTC! The company wants to HODLować cryptocurrencies up to $ 100,000 - 23

Even miners seem to be increasingly interested in keeping their BTC rewards. We can see this in the data of the Glassnode analytical service, which shows the monthly change in the miners’ net positions to positive. Michael Saylor, CEO of MicroStrategy, described their behavior as “rational”.
Tesla cars for BTC! The company wants to HODLować cryptocurrencies up to $ 100,000 - 25

Elon Musk is responsible for Tesla’s train to cryptocurrencies

Elon Musk, Tesla’s CEO, favors the buzzing mood. On Wednesday, on his official Twitter account, he announced that Tesla would be offering its products in exchange for Bitcoin. Moreover, it will not convert them to traditional currencies. The only problem at the moment is that only people residing in the United States are allowed to do so. However, buyers from other countries are expected to have the option later this year.

According to Bitcointreasuries.org, Tesla currently owns around 48,000 BTC, a number that is likely to increase as first customers engage with Tesla’s services.

Remember that Elon Musk has been a strong supporter of the cryptocurrency madness for a long time. In addition to activities in the business sphere, the entrepreneur also likes to mention Bitcoin and DOGE on Twitter. These moments very often affect the price of cryptocurrencies. The last time Elon Musk changed his Twitter account description to “Bitcoin”, the price of the most popular cryptocurrency soared more than 20% in just 24 hours.

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However, that’s nothing compared to his series of DogeCoin posts. Musk not only jokingly praised the meme cryptocurrency, but also contributed to the increase in its price by several percent. The whole thing coincided with the r / wallstreetbets scandal. As a result, DOGE increased by as much as 500% in a very short time. The billionaire’s activity and activities were noticed by the American SEC, which allegedly is to investigate whether there has been any illegal manipulation of the market in this regard.

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