Tesla’s Bitcoin Snub Is Downplayed By Binance CEO

Tesla recently sold some of its Bitcoin holdings, but Binance CEO Changpeng Zhao recently downplayed the impact of the transaction, calling Tesla’s holdings “a drop in the ocean.”

Up to $100 billion worth of Bitcoin is being traded every single day, according to Zhao.

Shockwaves were felt throughout the cryptocurrency community when the top e-car manufacturer revealed that it has liquidated $936 million in Bitcoin during the second quarter of 2022. 75% of the company’s remaining cryptocurrency holdings were sold (seemingly at a loss).

During a conference call, Tesla CEO Elon Musk called cryptocurrencies a “sideshow,” although he added that the latest sale was not a “verdict” on Bitcoin. Despite his misgivings about the climate, the businessman did not completely rule out expanding his company’s current bitcoin position in the future.

Following the Tesla news, Bitcoin quickly fell below the $23,000 mark

The electric vehicle manufacturer’s U-turn destroyed another another optimistic Bitcoin story regarding corporate adoption. Early in 2021, Tesla made the unconventional choice to include Bitcoin in its financial sheet. It was anticipated that other prominent corporations, like Facebook or Apple, would do the same. Corporate adoption of the bitcoin, however, essentially stalled. With Tesla leaving the bandwagon, it is reasonable to say that other well-known companies are very unlikely to include Bitcoin in their corporate treasuries.

However, some Bitcoin supporters noticed a positive aspect. Tesla’s notoriously volatile CEO won’t be able to readily affect the price of the biggest cryptocurrency because the company’s cryptocurrency holdings have been significantly reduced.

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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