Binance CEO comes after news broke that electric vehicle maker Tesla has offloaded the majority of its Bitcoin (BTC) holdings.
In a new interview with Fox Business, Changpeng Zhao, Director of Binance recount host Neil Cavuto, people shouldn’t read too deeply into Tesla CEO and crypto advocate Elon Musk who cashes in so heavily on Bitcoin.
“He’s a smart guy, but that doesn’t mean he owns all the valuable assets in the world. He probably doesn’t own a lot of stocks in other companies, a lot of other valuable cryptocurrencies, etc.
Just because he buys and sells bitcoin doesn’t make it better because he buys bitcoin or it gets worse because he sells bitcoin.
Here is @cz_binance
— Susan Li (@SusanLiTV) July 22, 2022
“The fundamentals are there, the use cases are there, the user numbers are there, the community is there. The fundamental properties of Bitcoin have not changed because one guy bought or sold.
Nobody knows what are the reasons for which he bought or sold. Maybe he needed money for Tesla or he was trying to buy Twitter or something, I don’t know. But that doesn’t really mean much. »
Earlier this week, Tesla revealed that it sold 75% of its BTC holdings for $936 million in cash during the second quarter of 2022.
Musk explained the rationale for the move during a company earnings call saying:
“It’s worth mentioning that the reason we sold a bunch of our bitcoin holdings was because we weren’t sure when the Covid-19 lockdowns in China would ease.
It was therefore important for us to maximize our cash position, given the uncertainty of the Covid-19 related lockdowns in China.
We are certainly open to increasing our bitcoin holdings in the future, so this shouldn’t be taken as a verdict on bitcoin.
As of June 30, the total value of Tesla’s remaining Bitcoin was $218 million.
Bitcoin is currently down 1.45% in the last 24 hours, trading for $22,731.
Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox
Check Price Action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/Issaro Prakalung/David Sandron