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Justin Sun Thanks Elon Musk’s “Paper Hand” For Selling Bitcoin

Justin Sun Thanks Elon Musk's "Paper Hand" For Selling Bitcoin

The news of Tesla selling 75% of its total Bitcoin holdings may have left a negative mark on the crypto market at the time, but not everyone was upset by the news. One of them is a famous crypto entrepreneur and enthusiast Justin Sun.

Justin Sun

Justin Sun has stated that the departure of Elon Musk’s company from Bitcoin is excellent news for the cryptocurrency and that the market should no longer care about Tesla.

The founders of Tron (TRX) and BitTorrent (BTT) noted that the fact that the auto manufacturing giant sold Bitcoin and raised nearly $1 billion also positively describes the liquidity that cryptocurrency can provide for large corporations.

Furthermore, Tesla’s Bitcoin transactions have set a positive precedent for all corporations holding BTC on their balance sheets. This incident is likely to encourage large companies to buy cryptocurrency in the future, Sun concluded and thanked Musk.

Justin Sun Thanks Elon Musk's "Paper Hand" For Selling Bitcoin 4

Last night after trading on the US stock market closed, companies began to release reports in which Tesla sold Bitcoin in Q2. In total, the company raised $936 million and received the “paper hand” title from the crypto community.

In addition to Justin Sun, another famous crypto enthusiast, Michael Saylor, also offered an opinion on the matter. The founder of MicroStrategy tweeted that “if you sell 75% of your Bitcoin, you will only have 25% of your Bitcoin left”. Well, it’s hard to argue with that.

Michael Saylor

Musk himself said that Tesla will still buy more cryptocurrencies but explained the current sales are due to the volatile situation in China and the desire to increase liquidity. In contrast, the statement about potential future purchases led many to think that Musk was waiting for a new bottom to replenish his Bitcoin reserves.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.