September 22, 2023

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Here’s what the world’s richest crypto billionaire has to say about Tesla’s dumping of bitcoin

Here's what the world's richest crypto billionaire has to say about Tesla's dumping of bitcoin

Binance Founder and Chairman of the Executive Board Changpeng Zhao (Net worth $27.3 billion as of July 21) Share his view on Tesla Corporation TSLA dump most Bitcoin Bitcoin / US Dollar collectibles.

In a recent interview, Zhao said that people should not read too deeply Elon Musk Exchange bitcoin heavily.

“He is a smart guy, but that does not mean that he owns all the valuable assets in the world. For example, he might not own many other company stocks, many other valuable cryptocurrencies, etc.,” Zhao said.

He added that Musk’s mere buying and selling of some bitcoins does not reflect their intrinsic value. Musk’s acceptance of bitcoin didn’t make it any better, and because he only sold bitcoin, it didn’t make it worse.

Even though Bitcoin is going through tough weather in the crypto market, Zhao defended Apex Crypto and said that no matter what any prominent investor does, Bitcoin continues to prove itself both structurally and in terms of user popularity.

“The basic properties of Bitcoin haven’t changed because one person bought or sold it. No one knows the reasons why Musk bought or sold it. Maybe he needed cash for Tesla or tried to buy Twitter or something — I don’t know. But that doesn’t mean much.” .

Last week, Tesla reported that it has filter it About 75% of its Bitcoin holdings will add $936 million to the EV giant’s balance sheet in the second quarter.

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Musk said he sold Tesla’s bitcoin as a hedge against the macroeconomic and geopolitical uncertainty faced by global markets.

“The reason we sold off a bunch of our Bitcoin holdings is because we weren’t sure when the COVID lockdowns in China would ease,” He said.

Tesla bought $1.5 billion worth of Bitcoin in January 2021. In the first quarter of 2021, Tesla Sold $272 million worth of cryptocurrency, which he said had a “positive impact” of $101 million on its profitability.

Tesla ended the first quarter of 2022 with $1.26 billion worth of Bitcoin on its balance sheet.

Image Courtesy: Binance and NVIDIA Corporation on Flickr