In a recent tweet, Binance CEO Changpeng Zhao downplayed the significance of Tesla's recent Bitcoin sale, claiming that its holdings were "a drop in the ocean."
Zhao has estimated that up to $100 billion worth of Bitcoin gets traded every single day.
As reported by U.Today, the leading e-car manufacturer announced that it had liquidated $936 million worth of Bitcoin during the second quarter of 2022, sending shockwaves across the cryptocurrency community. The company sold 75% of its remaining crypto holdings (seemingly at a loss).
Tesla CEO Elon Musk dismissed crypto as a "sideshow" during a conference call, but he also clarified that the recent sale was not a "verdict" on Bitcoin. The entrepreneur did not rule out adding to his company's existing cryptocurrency position in the future despite his climate-related concerns.
Alex DovbnyaSome Bitcoin enthusiasts, however, saw a silver lining. Since Tesla's cryptocurrency holdings have been dramatically reduced, the company's extremely volatile CEO will not be able to easily influence the price of the largest cryptocurrency.
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Vladislav Sopov
Dan Burgin