According to a crypto entrepreneur, the cryptocurrency market is no longer at risk.
Even if the revelation that Tesla had sold 75% of its Bitcoin holdings at the time had a negative impact on the cryptocurrency market, not everyone was devastated by it.
One such person is well-known cryptocurrency entrepreneur and enthusiast Justin Sun, who claimed that Elon Musk’s electric vehicle manufacturer leaving Bitcoin is wonderful news for cryptocurrencies and that the market should no longer be worried about Tesla.
The creators of renowned projects like Tron (TRX) and BitTorrent (BTT) pointed out that the automaker’s selling of Bitcoin for almost a billion dollars is a good example of the liquidity that cryptocurrencies may offer to big businesses.
Additionally, Tesla’s Bitcoin transactions created a great precedent for any businesses that store BTC on their balance sheets. Sun thanked Musk and concluded that this occurrence might in the future encourage major businesses to purchase cryptocurrencies.
The “paper hands” of Tesla After the U.S. stock market’s trading session ended last night, companies started to release reports, during which Tesla sold its Bitcoin. Overall, the organization was able to receive $936 million from the crypto community in exchange for its Bitcoin and “paper hands” status.
In addition to Justin Sun, Michael Saylor, a well-known crypto phile and native of corporate America, also provided a professional perspective. According to the creator of MicroStrategy, if you sell 75% of your Bitcoin positions, you still hold 25% of them. Well, it’s difficult to disagree with that.
If you sell 75% of your bitcoin, you will only have 25% of your #bitcoin left.
— Michael Saylor⚡️ (@saylor) July 20, 2022
Although Musk himself stated that Tesla would continue to purchase cryptocurrency, he attributed the present transactions to China’s fragile political climate and a need to increase liquidity. Contrarily, the comment about prospective future purchases led many to believe that Musk is holding off on adding to his Bitcoin stockpiles while he waits for a new bottom.
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