Musk Holds Steady, Not Selling a Single Bitcoin! China and BRICS Signal Positive Moves, Bitcoin Tests $67,000 Resistance Again

On Wednesday (April 24), Bitcoin rebounded to $66,790, attempting once more to break the crucial $67,000 resistance level. Billionaire Elon Musk's Tesla did not sell any Bitcoin in the first quarter. China and other BRICS members have agreed to launch a stablecoin for international trade settlements to increase efforts to move away from the US dollar.

Tesla disclosed that its Bitcoin holdings, valued at $711,050,000, saw no sales activity in the first quarter of 2024. The company's latest earnings report did not mention any Bitcoin trading activity, according to reports.

Watcher.Guru reported that before the earnings announcement, it was known that Tesla held 9,720 Bitcoins, marking the seventh consecutive quarter without any sales. Fortunately, the value of their Bitcoin holdings significantly increased over the past quarter, mainly due to the approval of a Bitcoin spot ETF.

Additionally, with the asset prices expected to rise in the weeks following a halving event, the value of Tesla’s Bitcoin holdings could climb even further.

Despite the continued price rise of the largest cryptocurrency, the company continues to hold a significant amount of Bitcoin. Its last major sell-off was in the second quarter of 2022 when it liquidated 75% of its holdings, valued at approximately $936 million.

After announcing their stablecoin plans on Tuesday, the BRICS are intensifying efforts to reduce dependency on the US dollar. Considering that the BRICS have been accumulating substantial amounts of gold, it is widely expected that the stablecoin will be backed by gold.

The BRICS nations have stated they are considering developing a stablecoin for international trade. Russian Deputy Foreign Minister Sergei Ryabkov articulated this idea well, emphasizing the benefits the stablecoin could bring to the group. He reiterated the need for a unified financial system within the alliance, with the stablecoin potentially being the only solution.

As the economic stature of the BRICS nations continues to rise, developing their own stablecoin could aid in their national economic prosperity. This move might also lead to the emergence of national currencies within the Eurozone.

The BRICS plan to launch a stablecoin, increasing efforts to de-dollarize. As BRICS stablecoins emerge, the race to end global trade reliance on the US dollar may soon intensify. This initiative is one of many aimed at promoting the concept of a "multipolar world," designed to end international trade's dependency on the US dollar.

Considering the substantial gold reserves held by the BRICS, it is speculated that the stablecoin will be gold-backed.

FXStreet cites an XRP enthusiast hinting that BRICS might use Ripple's upcoming stablecoin on the XRP Ledger. These statements suggest that BRICS's move to create their own stablecoin may not be coincidental, as Ripple also announced plans to launch a stablecoin on the XRP Ledger later this year.