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SpaceX’s Bitcoin write-down report on Aug. 18 sparked confusion among the many crypto neighborhood. The report printed in Wall Avenue Journal puzzled many, who questioned whether or not SpaceX held $373 million price of Bitcoin and offered it in 2021-22 or whether or not they solely decreased their Bitcoin publicity by the identical quantity.
A number of social media shops reported that SpaceX had offered its complete BTC holdings whereas others expressed uncertainty, claiming they had been unable to substantiate the quantity based mostly on the wording of the report.
I truly learn the WSJ report. I feel @BitcoinMagazine is incorrect right here
Sure, the report claims that SpaceX marked down the worth of their bitcoin by 373m (btw, that does not imply they SOLD 373m) and offered *some*, however promoting some would not essentially imply they haven’t any bitcoin left https://t.co/rLgwA0N8Zi pic.twitter.com/GSrOio7zku
— Pledditor (@Pledditor) August 17, 2023
Elon Musk revealed in 2021 that SpaceX holds Bitcoin, as does Tesla, on their steadiness sheet. Whereas Tesla’s Bitcoin holdings had been made public, there have been no estimations round SpaceX’s BTC holdings which has been key to the continued confusion. Tesla as soon as held $1.5 billion price of BTC bought in the course of the bull market, however revealed it offered 72% of its holdings in Q2 of 2022
The SpaceX write-off claims had been additionally believed to be one of many key catalysts behind the $2000 BTC worth drop, though a number of others denied it being a trigger. Elon Musk hasn’t addressed the problem but, however the market FUD made him a goal of Bitcoin proponents who questioned his technique of shopping for excessive and promoting low whereas just a few others called it a market FUD.
Purchase Excessive & Promote Low – Elon Musk’s #Bitcoin technique for Dummies https://t.co/yBKsPdg59B
— Matt C⚡️ (@mithcoons) August 17, 2023
One Reddit person wrote that Musk is operating out of money throughout all his corporations whereas suggesting that Musk would possibly promote “all of his Bitcoin and doge throughout the subsequent 6 months.”
Associated: Elon’s ‘not afraid of blowing issues up’ — ex-Twitter exec on working below Musk
Customers on X (previously referred to as Twitter) additionally known as out Elon for his “paper palms,” a time period used for individuals who promote their BTC holdings prematurely. Others linked the BTC write-down to X’s ambition of turning into a cost big.
Musk seems to be going to toe-to-toe in opposition to #Bitcoin together with his X empire.
I want him properly, though I do not suppose that is sensible. https://t.co/WFmOdVBh1E
— Dr. Jeff Ross (@VailshireCap) August 17, 2023
Whereas the dilemma round SpaceX’s BTC holdings continues Bitcoin proponents advocated merchants to HODL BTC and don’t fall for market FUDs.
@SpaceX did not promote its Bitcoin, and neither did@ElonMusk. Now sit again and calm down, just a few clever guys getting 700+ million in longs. Do not leverage, be affected person and simply #HODL.
— Lodewyck Berghuijs (@LodewyckBTC) August 18, 2023
Bitcoin worth was buying and selling at $26,433 on the time of writing, having overcome the $26,000 resistance. BTC worth decline of 9% final night time additionally led to a massacre within the altcoin market the place prime altcoins recorded a double-digit decline.
Journal: Simon Dixon on bankruptcies, Celsius and Elon Musk: Crypto Twitter Corridor of Flame
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