Tesla Selling $1B Of Their Bitcoin Is No Big Deal, Says Binance CEO
Tesla selling $1B of their Bitcoin is no big deal, says Binance CEO. The crypto community was shaken at the news of Tesla selling up to 70% of their Bitcoin assets, however, Binance CEO says it’s no big deal.
CZ’s Reaction To The BTC Selling
Earlier this week, Elon Musk, CEO and founder of the electronic car giant Tesla, revealed the shocking news that Tesla had sold up to 75% of their Bitcoin holdings.
Many in the community were shocked at this revelation, fearful that the price and value of Bitcoin would drop dramatically as Tesla is known to be one of the biggest public companies to have invested in Bitcoin.
Related: Tesla Q2 Earnings shows They sold 75% of their Bitcoin
However, Changpeng Zhao (CZ), the CEO of Binance Exchange has recently voiced his opinion on the event. Through his Twitter account, CZ downplayed the $1 billion selling of Tesla’s Bitcoin.
CZ seems to think that Tesla selling most of their Bitcoin is no big deal, quoting “Up to $100 billion of #btc get traded every day. Someone selling $1 billion is a drop in the ocean.“
Up to $100 billion of #btc get traded every day. Someone selling $1 billion is a drop in the ocean. https://t.co/jEY9dmLeb2
— CZ 🔶 Binance (@cz_binance) July 21, 2022
The Community’s Reaction
The crypto community fell into chaos after the news of Tesla’s $1 billion sell, with some in the community reportedly panic-selling their Bitcoin in fear of the cryptocurrency’s price falling due to Musk’s influence.
Others in the community however, reacted similarly to CZ and stayed calm, saying that Musk selling 75% of Tesla’s Bitcoin holdings won’t have a big impact on its value.
Some people, like Twitter user @DudeJLebowski even pointed out that the news was actually bullish for Bitcoin as despite the huge influence of Tesla and Elon Musk, BTC’s price remained stable and only dropped around 3% after the news. Showcasing that Bitcoin is a lot more stable than people think.
Related: Tesla, MicroStrategy, And Block Lost A Combined $5 Billion From Bitcoin
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