Binance CEO Says Elon Musk Selling His Bitcoin Doesn’t Mean Much

Binance CEO Says Elon Musk Selling His Bitcoin Doesn't Mean Much

Tesla recently announced its second quarter earnings report, where it was revealed that it had sold 75% of its BTC holdings. This was negative news for the market and the market also declined slightly. However, Binance CEO CZ Zhao believes that Elon Musk doesn’t mean much to the asset than selling his bitcoins. Same is the case if they also buy property. Bitcoin is considered bigger than a person, authority, government or nation. So, Zhao’s statement makes complete sense here.

Tesla is selling its bitcoin

In February 2021, Tesla first announced that they had invested $1.5 billion in bitcoin. This was such great news that the price of BTC crossed $40,000 and hit new highs. Not long after, the company also announced that it would accept bitcoin for payment. This was another major step towards the widespread adoption of bitcoin. However, all these positive steps did not continue for long.

First, Tesla stopped accepting bitcoin citing environmental reasons and that they are an EV company and may not have such a large carbon footprint. It also promised to reintroduce the option once bitcoin mining exceeds 50% renewable energy use. However, that never happened.

Tesla then sold most of his bitcoin, even though after the first bitcoin crash in May 2021, Elon tweeted that Tesla had diamonds in his hands. This shows that you can’t take a company or an individual thing lightly. Elon said that poor market conditions prompted him to sell his bitcoins and keep more cash on hand. Still, many think that there could have been other solutions.

CZ Zhao said he has sold less than 1% of his total bitcoin holdings so far. He continues to show his faith in cryptocurrency. Zhao also stated that he does not hold any fiat currency and that his entire assets are in crypto. Now this can be seen in two ways. The first is the fact that it shows his great confidence in crypto assets, and secondly, that he is taking a lot of risk.

What are your thoughts as Binance CEO thinks Elon Musk doesn’t make much sense selling his bitcoins? And do you think Tesla just made an excuse to dump its holdings? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.

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