Pretty easy decision for him and I think maybe some of us had so this coming. Obviously, it has something to do with the current state of the market and maybe he knows that he is going to lose money short term. So as a businessman, he has to shift and keep moving his money around so that it will still grow despite the current recession that we are having. So I'm not surprised, but I don't think this is an attack to bitcoin coming from him, just a business move, in my opinion.
Elon is smart, so he won’t sustain seeing his investments falling where it should be going forward. More like he wants to see his investments keep on generating an income, and I think bitcoin can’t do it for now. However, I believe Elon will buy back again when he sees opportunity to buy at its best price. Selling majority of his bitcoin does not mean he’s leaving the crypto market, as I bet he’s hodling a lot of dogecoin way back then. And definitely, his act of selling will never leave a huge negative impact on bitcoin market either. 
Topic: Surprisingly, Elon's Tesla is not so keen on hodling BTC anymore (Read 744 times)
August 10, 2022, 02:03:19 PM
Musk is playing with market ....I believe one should be as influential as Musk - his one word can move the market upside down.
This is how fortune favors some daring people and Musk is one of them - more power to you man
No, I believe NOT. His "one word" could move shitcoins like Dogecoin, or it might move Bitcoin for one hour, but the market always prices information in. Elon Musk will become irrelevant, HAS ACTUALLY become irrelevant to Bitcoin and the market in general, than when Tesla announced their sale of their Bitcoins, the market didn't react negatively. In fact, it reacted positively. Bitcoin is higher than Tesla's sell price. This is how fortune favors some daring people and Musk is one of them - more power to you man
In the end, he has power, we do not want him to have that power but unfortunately, he does have that power and that makes things a lit bit difficult for people like me and you.
August 10, 2022, 11:41:22 AM
Elon musk may be the richest man on the planet, but as in terms of calling the man a genius, or thinking his word on bitcoin or cryptocurrency has much of any real value is foolish. The guy absolutely does not really understand how cryptocurrency works. He certainly doesn’t understand cryptography. This move didn’t make sense in my eyes, they’d have been better off hodling long term.
August 10, 2022, 11:12:11 AM
Long before Elon Musk cryptocurrencies were big, the growing global community proved that when Tesla sold bitcoin stock but the market didn't turn red, the price just kept going up and this is proof that whatever Elon Musk does is not reacted too much by the market.
August 09, 2022, 06:32:42 AM
I believe companies listed in the stock market are required to report their market investments, but it doesn't mean they should report it on the day they made the move. I think they have a required schedule when they should be filing to the SEC, then reporting what they did for the quarter.
Elon Musk has enough legal problems from his failed bid to buy Twitter, I don't believe he wants more problems from the SEC for market manipulation. Hahaha. Everyone currently hates Elon Musk that they're looking for something wrong in his every move.
This is how fortune favors some daring people and Musk is one of them - more power to you man
No, I believe NOT. His "one word" could move shitcoins like Dogecoin, or it might move Bitcoin for one hour, but the market always prices information in. Elon Musk will become irrelevant, HAS ACTUALLY become irrelevant to Bitcoin and the market in general, than when Tesla announced their sale of their Bitcoins, the market didn't react negatively. In fact, it reacted positively. Bitcoin is higher than Tesla's sell price.
August 08, 2022, 01:25:12 AM
Not surprised by the steps he took because this action is almost the same as the steps of everyone who has a lot of bitcoins, namely taking profits, he should even do it when the price is still higher than he sells these bitcoins, especially as an entrepreneur he will be profit-oriented and maybe cash becomes the reason he ended up selling bitcoin.
Tesla bought bitcoin last January when it was priced between $30,000 and $35,000 and sold it for $29,000. That is, one and a half billion dollars were in bitcoins for more than a year, after which they were sold at a decent loss for the company. To take such a step, you need to have information either that bitcoin will continue to fall in price for a long time, or that the crypto winter will last for a very long time, and therefore it is unprofitable to keep such an amount idle.But it is still difficult to understand their contradictory and illogical actions with bitcoins.
People should see this, we haven't been 29k, and if you are telling that they released it and it was actually 29k, then they must have sold a lot earlier and only notified the world now. Which is manipulation but since it is not stock manipulation, I am sure that SEC would probably not do anything about it and let the crypto people take the hit.
I believe companies listed in the stock market are required to report their market investments, but it doesn't mean they should report it on the day they made the move. I think they have a required schedule when they should be filing to the SEC, then reporting what they did for the quarter.
Elon Musk has enough legal problems from his failed bid to buy Twitter, I don't believe he wants more problems from the SEC for market manipulation. Hahaha. Everyone currently hates Elon Musk that they're looking for something wrong in his every move.
August 07, 2022, 01:53:31 PM
Are we sure those are the numbers? I am not sure if they were, but if they were then it was a close call for them. I mean buying at 30k-35k is understandable because it was there last year, but we haven't been 29k for a long time, but if they publicly release these information that means they got out a lot earlier than they let us know.
People should see this, we haven't been 29k, and if you are telling that they released it and it was actually 29k, then they must have sold a lot earlier and only notified the world now. Which is manipulation but since it is not stock manipulation, I am sure that SEC would probably not do anything about it and let the crypto people take the hit.
I agree that it looks like it is a bit of a shady situation. If they released this information as legit, then they must have informed SEC about this and that is why I think it's true, but the fact that it is true means that we are talking about something legit here and something must be going on. How could we know when they sold? I mean 29k hasn't been around I agree which means that they are manipulating the market with late news.People should see this, we haven't been 29k, and if you are telling that they released it and it was actually 29k, then they must have sold a lot earlier and only notified the world now. Which is manipulation but since it is not stock manipulation, I am sure that SEC would probably not do anything about it and let the crypto people take the hit.
When they bought it, it was close to 50k but they bought it when it was 30-35 range, and when they sold it was 20 and they informed it as 29, so that means we are talking about them taking their time, smells fishy for sure.
August 06, 2022, 05:21:02 PM
Not surprised by the steps he took because this action is almost the same as the steps of everyone who has a lot of bitcoins, namely taking profits, he should even do it when the price is still higher than he sells these bitcoins, especially as an entrepreneur he will be profit-oriented and maybe cash becomes the reason he ended up selling bitcoin.
Tesla bought bitcoin last January when it was priced between $30,000 and $35,000 and sold it for $29,000. That is, one and a half billion dollars were in bitcoins for more than a year, after which they were sold at a decent loss for the company. To take such a step, you need to have information either that bitcoin will continue to fall in price for a long time, or that the crypto winter will last for a very long time, and therefore it is unprofitable to keep such an amount idle.But it is still difficult to understand their contradictory and illogical actions with bitcoins.
People should see this, we haven't been 29k, and if you are telling that they released it and it was actually 29k, then they must have sold a lot earlier and only notified the world now. Which is manipulation but since it is not stock manipulation, I am sure that SEC would probably not do anything about it and let the crypto people take the hit.
They move the market as they like. I don't know how God bless the with so much money and wealth and fame. They would not have longed for anything in their lives.
August 06, 2022, 07:05:58 AM
Not surprised by the steps he took because this action is almost the same as the steps of everyone who has a lot of bitcoins, namely taking profits, he should even do it when the price is still higher than he sells these bitcoins, especially as an entrepreneur he will be profit-oriented and maybe cash becomes the reason he ended up selling bitcoin.
Tesla bought bitcoin last January when it was priced between $30,000 and $35,000 and sold it for $29,000. That is, one and a half billion dollars were in bitcoins for more than a year, after which they were sold at a decent loss for the company. To take such a step, you need to have information either that bitcoin will continue to fall in price for a long time, or that the crypto winter will last for a very long time, and therefore it is unprofitable to keep such an amount idle.But it is still difficult to understand their contradictory and illogical actions with bitcoins.
People should see this, we haven't been 29k, and if you are telling that they released it and it was actually 29k, then they must have sold a lot earlier and only notified the world now. Which is manipulation but since it is not stock manipulation, I am sure that SEC would probably not do anything about it and let the crypto people take the hit.
August 06, 2022, 06:09:31 AM
He pretty much goes whichever way his whims go according to the blowing of the wind. Sometimes I wonder if he gets a rise out of how a few words tweet(s) he makes moves the crypto and stocks markets, definitely feels like an ego or a just because thing at times, like when he was talking about accepting Telsa purchases in BTC and then over exaggerated the impact of mining on the environment as a reason not to go forward with the idea.
Although Elon Musk is among the smartest men to live on the face of the Earth, he never truly understood Bitcoin based from what he tweets, and has he said about Bitcoin. There was a time when he was merely parrotting what the big blockers were saying about efficiency and transaction throughput. He never learned that blockchains isn't entirely about speed, it's about settlement assurances.
August 06, 2022, 06:01:44 AM
With the crypto winter and BTC prices looking bearish, Tesla CEO and Space X founder, Elon Musk has shipped off 75% of his shares in Bitcoin. This news comes as a surprise after his proclamation in March where he was adamant on selling his coins.
Tesla had about 42,000 bitcoins at the start of Q2 but had to sell off the majority of its coins at $29,000
From the 2nd quarter report gathered by the company, it was revealed that the coins were sold for $963m and still has a reserve " digital asset" left of about $218m should he see the need to sell off.
In February last year, Tesla purchased a whooping $1.5m worth of crypto and this move helped to push the value of BTC and enthusiasts labeled him the de facto "crypto leader" but that status quickly changed the moment he renounced the acceptance of BTC as payment for his goods.
Its believed that the steep decline in BTC price was what fuelled the rush to sell off. What do we make of this move? Is there a plan to bounce back when the market becomes favorable, or is the beginning of the end for Elon and crypto? https://techcrunch.com/2022/07/20/tesla-dumped-75-of-its-bitcoin-holdings/
many people expected the Bitcoin price to crash after Elon's announcement but it didn't happen...Tesla had about 42,000 bitcoins at the start of Q2 but had to sell off the majority of its coins at $29,000
From the 2nd quarter report gathered by the company, it was revealed that the coins were sold for $963m and still has a reserve " digital asset" left of about $218m should he see the need to sell off.
In February last year, Tesla purchased a whooping $1.5m worth of crypto and this move helped to push the value of BTC and enthusiasts labeled him the de facto "crypto leader" but that status quickly changed the moment he renounced the acceptance of BTC as payment for his goods.
Its believed that the steep decline in BTC price was what fuelled the rush to sell off. What do we make of this move? Is there a plan to bounce back when the market becomes favorable, or is the beginning of the end for Elon and crypto? https://techcrunch.com/2022/07/20/tesla-dumped-75-of-its-bitcoin-holdings/
Elon has become a businessman who only cares about profit, from the start he just tried to attract the sympathy of bitcoiners and the world by saying he loves bitcoin even though he doesn't at all, once he does that then people will no longer believe what he says about bitcoin.
August 05, 2022, 11:33:30 PM
He pretty much goes whichever way his whims go according to the blowing of the wind. Sometimes I wonder if he gets a rise out of how a few words tweet(s) he makes moves the crypto and stocks markets, definitely feels like an ego or a just because thing at times, like when he was talking about accepting Telsa purchases in BTC and then over exaggerated the impact of mining on the environment as a reason not to go forward with the idea.
August 05, 2022, 10:31:38 PM
And that is what scares me. Dude with almost unlimited amount of funds can do what ever he wants to the market. It depends on his mood where the market will go now. That makes market sort of a centralized. As you have mentioned dogecoin, I am not sure he has sold his dogecoin, that he promised to hold for ever. From now on, I would be double cautious what Elon Musk buys or does.
While without a doubt Elon is going to keep being relevant due to his own fortune, if he keeps exerting his influence over and over again then the power he takes for granted will be taken away by the same people that support him, after all if some people were naive enough to follow his movements and believed he was infallible then most likely they lost some money, and as such the next time Elon does something it is way more likely the same person will not follow him blindly again as he will remember what happened the last time he did something like that.However some people that followed his "suggestions" or lets say indicators, managed to earn. I am just waiting when people stop being blind or realize that whatever Elon Musk does, he does it for himself. He is not an enthusiast that wishes to make everyone happy and rich. I just wait to see when people understand that whatever Elon Musk touches, does not turn into gold for everyone.
August 04, 2022, 04:23:58 PM
However some people that followed his "suggestions" or lets say indicators, managed to earn. I am just waiting when people stop being blind or realize that whatever Elon Musk does, he does it for himself. He is not an enthusiast that wishes to make everyone happy and rich. I just wait to see when people understand that whatever Elon Musk touches, does not turn into gold for everyone.
He is a public figure who does have a lot of fans so it's not surprising that many people still believe in him because if you look at him from the naked eye he is a person who is capable enough to do anything with the money and power he has.But maybe for now actually more and more people are realizing that this is not very useful so that indeed many people now may ignore it even though there are still many who follow it.
to see it and since Elon and his companies do make out some movement specially if its crypto related then you could really expect something like this to happen.He might be indirectly doing things but it is some sort
to be a manipulative act which isnt really that very common but pretty obvious to be done by someone and since this market is highly reactive into these kind of events or sentiments then you could expect
that there would be neither no movements or does have basing into that certain circumstance or happenings.
August 04, 2022, 02:00:36 PM
However some people that followed his "suggestions" or lets say indicators, managed to earn. I am just waiting when people stop being blind or realize that whatever Elon Musk does, he does it for himself. He is not an enthusiast that wishes to make everyone happy and rich. I just wait to see when people understand that whatever Elon Musk touches, does not turn into gold for everyone.
He is a public figure who does have a lot of fans so it's not surprising that many people still believe in him because if you look at him from the naked eye he is a person who is capable enough to do anything with the money and power he has.But maybe for now actually more and more people are realizing that this is not very useful so that indeed many people now may ignore it even though there are still many who follow it.
August 04, 2022, 01:32:20 PM
Not surprised by the steps he took because this action is almost the same as the steps of everyone who has a lot of bitcoins, namely taking profits, he should even do it when the price is still higher than he sells these bitcoins, especially as an entrepreneur he will be profit-oriented and maybe cash becomes the reason he ended up selling bitcoin.
Tesla bought bitcoin last January when it was priced between $30,000 and $35,000 and sold it for $29,000. That is, one and a half billion dollars were in bitcoins for more than a year, after which they were sold at a decent loss for the company. To take such a step, you need to have information either that bitcoin will continue to fall in price for a long time, or that the crypto winter will last for a very long time, and therefore it is unprofitable to keep such an amount idle.But it is still difficult to understand their contradictory and illogical actions with bitcoins.
Elon has a history of crazy, sudden moves that nobody expects from him! Who knows what's happening in his head, but I guess what he's doing with his money is his own thing! I think he is just trying (love) to manipulate people and his assets, and sometimes he is great at that! If not he wouldn't be so crazy rich in the end!
I don't like him generally, and I don't have respect for him and many of his actions connected with crypto... but it's what it is! I a not sure why he sold BTC, but maybe he cashed out because he will need some money for the fiasco with buying Twitter...
August 04, 2022, 04:59:44 AM
Not surprised by the steps he took because this action is almost the same as the steps of everyone who has a lot of bitcoins, namely taking profits, he should even do it when the price is still higher than he sells these bitcoins, especially as an entrepreneur he will be profit-oriented and maybe cash becomes the reason he ended up selling bitcoin.
Tesla bought bitcoin last January when it was priced between $30,000 and $35,000 and sold it for $29,000. That is, one and a half billion dollars were in bitcoins for more than a year, after which they were sold at a decent loss for the company. To take such a step, you need to have information either that bitcoin will continue to fall in price for a long time, or that the crypto winter will last for a very long time, and therefore it is unprofitable to keep such an amount idle.But it is still difficult to understand their contradictory and illogical actions with bitcoins.
August 03, 2022, 05:36:06 PM
Take a look here: when Elon starting to be more into crypto, Bitcoin price was below 20k, he has triggered its pump, and now Bitcoin price is almost back to where it was. When Elon has initiated Twitter purchase, its price was 41 USD, later it has pumped and now it is again back to ~41 USD. Elon has tricked us again. I am not surprised that Tesla has sold their bitcoins. Once again some people earned a lot easily.
This just means that Elon gets what Elon wants. Dude's extremely rich that he can do anything he pleases. Many people follow his movements because they already saw what Musk is capable of. 'Follow the money' as what a lot of people say, and Elon is the money. A lot of people surely made a quick fortune just by following what Elon does. A great example is dogecoin: a coin that has been dead for long which was revived by the Tesla man with just a few tweets. Now we are talking about people who are making a big deal about him selling, but they should have made a big deal about him buying in the first place because that matters, if he didn't end up buying then we wouldn't be having this trouble of him selling to begin with.
August 03, 2022, 01:45:38 PM
And that is what scares me. Dude with almost unlimited amount of funds can do what ever he wants to the market. It depends on his mood where the market will go now. That makes market sort of a centralized. As you have mentioned dogecoin, I am not sure he has sold his dogecoin, that he promised to hold for ever. From now on, I would be double cautious what Elon Musk buys or does.
While without a doubt Elon is going to keep being relevant due to his own fortune, if he keeps exerting his influence over and over again then the power he takes for granted will be taken away by the same people that support him, after all if some people were naive enough to follow his movements and believed he was infallible then most likely they lost some money, and as such the next time Elon does something it is way more likely the same person will not follow him blindly again as he will remember what happened the last time he did something like that.However some people that followed his "suggestions" or lets say indicators, managed to earn. I am just waiting when people stop being blind or realize that whatever Elon Musk does, he does it for himself. He is not an enthusiast that wishes to make everyone happy and rich. I just wait to see when people understand that whatever Elon Musk touches, does not turn into gold for everyone.
August 03, 2022, 03:39:35 AM
i've always thought that he would sell his bitcoins because he's not a crypto enthusiast, he's just a business capitalist, and that's all.. even if he sells his share of bitcoin it won't affect the crypto market significantly, so i'm not too bothered about this
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