Crypto market no longer needs to worry, says crypto entrepreneur
The news of Tesla selling 75% of its Bitcoin holdings may have left a negative imprint on the crypto market at the time, but not everyone was saddened by the news. One such person is well-known crypto entrepreneur and enthusiast Justin Sun, who said that Elon Musk’s electrocar company’s exit from Bitcoin is great news for the cryptocurrency, and that the market should no longer care about Tesla.
The founder of projects such as Tron (TRX) and BitTorrent (BTT) noted that the automaker’s sale of Bitcoin for nearly a billion dollars also positively describes the liquidity that cryptocurrencies can provide to large corporations. Moreover, Tesla’s Bitcoin transactions set a very positive precedent for all corporations holding BTC on their balance sheets. This phenomenon has the potential to encourage big companies to buy cryptocurrencies in the future, Sun concluded, thanking Musk.
Tesla’s “paper hands”
Last night, after the US stock market closed its trading session, companies started publishing reports, in which Tesla sold its Bitcoin. In total, the company managed to secure $936 million for its Bitcoin and “paper hands” status from the entire crypto community.
In addition to Justin Sun, another prominent crypto enthusiast and native of corporate America, Michael Saylor, also gave an expert opinion. The MicroStrategy founder stated that if you sell 75% of your Bitcoin positions, you still have 25% left. Well, it is hard to argue with that.
Musk himself said that Tesla will always buy more crypto but explained the current sales by the unstable situation in China and the desire to increase liquidity. The statement on potential future purchases, on the contrary, made many think that Musk is waiting for a new bottom in order to replenish Bitcoin reserves.
