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Binance CEO Downplays Tesla’s Bitcoin Snub

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AT recent tweetBinance CEO Changpeng Zhao downplayed Tesla’s recent bitcoin sale, saying its holdings were “a drop in the ocean.”

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Zhao estimates that up to $100 billion worth of bitcoin is traded every day.

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As reported by Cryptooshala, the leading e-car maker announced that it liquidated $936 million worth of bitcoin in the second quarter of 2022, sending shock waves through the crypto community. The company sold 75% of the remaining crypto holdings (apparently at a loss).

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Tesla CEO Elon Musk called the cryptocurrency “minor” during a conference call, but he also clarified that the recent sale was not a “judgement” on bitcoin. The entrepreneur did not rule out that he would expand his company’s existing cryptocurrency position in the future, despite climate concerns.

Bitcoin quickly fell below $23,000 on the Tesla news. The e-car maker’s reversal has shattered another Bitcoin bullish narrative about enterprise adoption. After Tesla made the unorthodox decision to add bitcoin to its balance sheet in early 2021, it was believed that other big companies like Facebook or Apple would follow suit. However, the corporate adoption of cryptocurrencies has led to almost nothing. As Tesla leaves ship, it’s safe to say that other big names are unlikely to make Bitcoin part of their corporate treasury.

However, some bitcoin enthusiasts saw a happy medium. As Tesla’s cryptocurrency holdings have plummeted, the company’s extremely volatile CEO won’t be able to easily influence the price of the largest cryptocurrency.





Credit : u.today

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