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Tesla confirms Bitcoin HODL strategy as new report says BTC shouldn’t have a problem reaching $100,000 during the current bull cycle thanks to impressive behavior from hodlers.
Also breaking BTC news announced today by Elon Musk that Tesla now officially accepts Bitcoin from US customers.
“You can now buy a Tesla with Bitcoin. Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency.” – Elon Musk
In response, Jason Yanowitz points out on Twitter:
“The ability to buy a Tesla with Bitcoin is not a big deal. Tesla’s decision to NOT convert that Bitcoin into fiat after the sale is a huge deal. This leads the way for thousands of companies to sell products using Bitcoin without ever turning that Bitcoin back into US dollars.”
In their latest newsletter seen by Cointelegraph, analysts from trading suite Decentrader including Cointelegraph Markets contributor filbfilb sought to allay fears that Bitcoin’s bull run is running out of steam.
Backing their optimism, they said, is data showing that more and more investors are hodling BTC for the long term — one year or more.
Taken from the popular “HODL Wave” indicator, this suggests that there is less desire to sell Bitcoin at short notice at a certain price, providing a solid foundation for further growth.
“The 1Yr+ HODL Wave suggests that Bitcoin should comfortably reach the $100,000 level during this cycle,” Decentrader summarized.
“The greater the amount of Bitcoin being held for a year or longer, the less liquid the supply or potential selling pressure there will be. Typically, if 50% or more of Bitcoin is being HODLed the bull market continues, below this is potentially cause for concern.”
HODL Waves tracks the proportion of the existing Bitcoin according to when it was last used in a transaction. Previously, Cointelegraph noted that those who bought BTC during the 2017 bull run had largely held onto their position despite realizing significant gains.
As Cointelegraph reported on Monday, roughly 36% of the circulating Bitcoin supply is currently made up of “younger” coins which have moved at some point in the past six months.
Exchange data further reinforces the pro-hodl mindset among investors, as overall reserves continue to plummet in March despite BTC/USD making a new all-time high.
Even miners appear to be increasingly interested in keeping their BTC rewards, as evidenced by figures from on-chain analytics service Glassnode showing net miner positions turning positive this month. Michael Saylor, CEO of MicroStrategy, described their behavior as “onlyrational.”
According to Bitcointreasuries.org, Tesla currently holds an estimated 48,000 BTC, a number that should grow as people exchange their Bitcoin for the company’s electric vehicles.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
You can now buy a Tesla with Bitcoin
— Elon Musk (@elonmusk) March 24, 2021
Remember, we didn’t choose #Bitcoin, Bitcoin chose us All will have to come to terms with this eventually
The benefits of obliterating fiat money and central banks (with BTC) are enormous. The demonetization of war and violence will have profound, positive impacts on society.
— Max Keiser (@maxkeiser) March 24, 2021