1 year ago
Elon Musk revealed that SpaceX holds Bitcoin connected its equilibrium expanse successful 2021 but the nonstop magnitude of company's holdings stay unknown.
SpaceX's Bitcoin write-down study connected Aug. 18 sparked disorder among the crypto community. The study published successful Wall Street Journal puzzled many, who questioned whether SpaceX held $373 cardinal worthy of Bitcoin and sold it successful 2021-22 oregon whether they lone reduced their Bitcoin vulnerability by the aforesaid amount.
Several societal media outlets reported that SpaceX had sold its full BTC holdings portion others expressed uncertainty, claiming they were incapable to corroborate the magnitude based connected the wording of the report.
I really work the WSJ report. I deliberation @BitcoinMagazine is incorrect here
Yes, the study claims that SpaceX marked down the worth of their bitcoin by 373m (btw, that doesn't mean they SOLD 373m) and sold *some*, but selling immoderate doesn't needfully mean they person nary bitcoin near https://t.co/rLgwA0N8Zi pic.twitter.com/GSrOio7zku
Elon Musk revealed successful 2021 that SpaceX holds Bitcoin, arsenic does Tesla, connected their equilibrium sheet. While Tesla’s Bitcoin holdings were made public, determination were nary estimations astir SpaceX’s BTC holdings which has been cardinal to the ongoing confusion. Tesla erstwhile held $1.5 cardinal worthy of BTC purchased during the bull market, but revealed it sold 72% of its holdings successful Q2 of 2022
The SpaceX write-off claims were besides believed to beryllium 1 of the cardinal catalysts down the $2000 BTC terms drop, though respective others denied it being a cause. Elon Musk hasn’t addressed the contented yet, but the marketplace FUD made him a people of Bitcoin proponents who questioned his strategy of buying precocious and selling debased portion a fewer others called it a marketplace FUD.
Buy High & Sell Low - Elon Musk's #Bitcoin strategy for Dummies https://t.co/yBKsPdg59B
— Matt C⚡️ (@mithcoons) August 17, 2023One Reddit idiosyncratic wrote that Musk is moving retired of currency crossed each his companies portion suggesting that Musk mightiness merchantability “all of his Bitcoin and doge wrong the adjacent 6 months.”
Related: Elon’s ‘not acrophobic of blowing things up’ — ex-Twitter exec connected moving nether Musk
Users connected X (formerly known arsenic Twitter) besides called retired Elon for his “paper hands,” a word utilized for those who merchantability their BTC holdings prematurely. Others linked the BTC write-down to X's ambition of becoming a outgo giant.
— Dr. Jeff Ross (@VailshireCap) August 17, 2023While the dilemma astir SpaceX’s BTC holdings continues Bitcoin proponents advocated traders to HODL BTC and don’t autumn for marketplace FUDs.
@SpaceX didn't merchantability its Bitcoin, and neither did@ElonMusk. Now beryllium backmost and relax, conscionable immoderate intelligent guys getting 700+ cardinal successful longs. Don't leverage, beryllium diligent and conscionable #HODL.
— Lodewyck Berghuijs (@LodewyckBTC) August 18, 2023Bitcoin terms was trading astatine $26,433 astatine the clip of writing, having flooded the $26,000 resistance. BTC terms diminution of 9% past nighttime besides led to a bloodbath successful the altcoin marketplace wherever apical altcoins recorded a double-digit decline.
Magazine: Simon Dixon connected bankruptcies, Celsius and Elon Musk: Crypto Twitter Hall of Flame
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