The crypto market need not worry anymore, says crypto entrepreneur
The news of Tesla selling 75% of its bitcoin holdings may have left a negative impression on the crypto market at the time, but not everyone was saddened by the news. One such person is Justin Sun, a well-known crypto entrepreneur and enthusiast. Who said That the exit of Elon Musk’s Electrocar company from bitcoin is good news for the cryptocurrency, and the market should no longer worry with Tesla.
The founder of projects such as Tron (TRX) and BitTorrent (BTT) said the automaker’s sale of nearly $1 billion in bitcoin also represents a positive description of the liquidity the cryptocurrency can provide to large corporations. Furthermore, Tesla’s bitcoin transaction set a very positive precedent for all corporations holding BTC on their balance sheets. This phenomenon has the potential to encourage large companies to buy cryptocurrencies in the future, Sun concluded, thanking Musk.
Tesla’s “hands of paper”
After the US stock market closed last night’s trading session, companies began publishing reports during which Tesla sold its bitcoin. In total, the company managed to get $936 million from the entire crypto community for its bitcoin and “paper hands” status.
Apart from Justin Sun, another prominent crypto enthusiast and Corporate America native, Michael Sayer also gave an expert opinion. The founder of MicroStrategy said that if you sell 75% of your bitcoin positions, you still have 25% left. Well, it’s hard to argue with that.
If you sell 75% of your bitcoins, you will only have 25% #bitcoin Left.
— Michael Saylor⚡️ (@saylor) 20 July 2022
Musk himself said that Tesla would still buy more crypto but explained the current sell-off by the volatile situation in China and a desire to increase liquidity. Conversely, the statement about a possible future purchase has led many to think that Musk is waiting for a new bottom to replenish bitcoin’s reserves.