Binance CEO Comments On Tesla Selling Its Bitcoin Holdings…Here’s What He Said
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Answer Binance CEO Comments On Tesla Selling Its Bitcoin Holdings…Here’s What He Said
The Bitcoin sale by Tesla made the most of the recent event in the crypto community, as Tesla sold 75% of its Bitcoin holdings.
in Tweet Recently, Binance CEO Changpeng Zhao played down the significance of Tesla’s recent bitcoin sale, claiming that Tesla’s holdings are a “drop in an ocean.”
CZ estimated that up to $100 billion worth of bitcoins are traded each day.
As we noted earlier on Arab Bitcoin, the leading electronic car maker announced that it liquidated $936 million worth of Bitcoin during the second quarter of 2022, sending shock waves through the cryptocurrency community.
The company sold 75% of its remaining crypto holdings (apparently at a loss).Read:CME Group Launches Bitcoin and Ethereum Denominated Euro Products
Tesla CEO Elon Musk dismissed the cryptocurrency as a sideshow during the company’s second-quarter report presentation, but made clear that the recent sale was not a judgment on Bitcoin.
The entrepreneur did not rule out adding bitcoin to his company in the future despite his climate concerns.
Bitcoin price quickly dropped below $23,000.
The electronic car maker’s recent sell-off broke another Bitcoin bullish narrative about corporate adoption.
After Tesla made the unorthodox decision to add bitcoin to its balance sheet in early 2021, it was thought that other big companies, such as Facebook or Apple, would follow suit.
But corporate adoption of the larger cryptocurrency has not progressed as expected.
With Tesla dumping Bitcoin, it’s safe to say that other big names are unlikely to make Bitcoin a part of the company’s coffers.
Some Bitcoin enthusiasts saw a positive side.
Since Tesla’s bitcoin holdings have been drastically reduced, the company’s highly volatile CEO will not be able to easily influence the price of the largest cryptocurrency.Read:Crypto has officially become a financial instrument in Germany
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