Search for:
  • Home/
  • News/
  • SpaceX BTC Liquidation Reveals Confusion: Bitcoiners Ask Elon Musk

SpaceX BTC Liquidation Reveals Confusion: Bitcoiners Ask Elon Musk

The Bitcoin liquidation report that SpaceX released today has caused confusion in the crypto community. The report by the Wall Street Journal is confusing many who wonder if SpaceX still owns $373 million in Bitcoin.bitcoin), whether he sold it in 2021-2022 or simply lowered his risk.
While several social media outlets reported that SpaceX gave the full amount of BTC in their possession, others expressed their doubts, stating that they could not verify the amount based on the report’s statement.

I read the WSJ report. I think @BitcoinMagazine is wrong.
Yes, the report states that SpaceX has reduced the weight of its Bitcoins and sold *some*, but selling some does not mean they no longer have Bitcoins.

In 2021, Elon Musk announced that Tesla, along with SpaceX, has Bitcoin on the balance sheet. While Tesla’s Bitcoin holdings have been made public, No estimates have been provided for SpaceX’s BTC holdings., a major factor in the current confusion. Tesla previously owned $1.5 billion in BTC, which it bought during the bull market, but announced that it sold 72% of its holdings in the second quarter of 2022.
SpaceX’s liquidation filings are believed to be a major catalyst for the $2,000 BTC price drop, although many reject this assumption. Musk has yet to address the issue, but The market’s FUD has made it the target of Bitcoin advocatesCriticizing the high buy and low sell strategy. Few people described it simply FUD.

Buy High, Sell Low: Elon Musk’s #Bitcoin Strategy for Beginners

Owned by a Reddit user stated He suggests that all of Musk’s companies are running out of liquidity and may sell. “all their Bitcoin and DOGE in the next 6 months”.
X users (formerly Twitter) have criticized Musk for “paper hands”, a term used for people who sell their BTC holdings prematurely. Others have linked the BTC liquidation to X’s ambition to become a payments giant.

It looks like Musk wants to take over #Bitcoin with his empire X.
I wish him well, although I don’t think it’s a wise move.

As the dilemma over SpaceX’s BTC holdings continues, Bitcoin advocates urge traders to buy BTC and not be fooled by the market’s FUD.

SpaceX didn’t sell their Bitcoins, and neither does ElonMusk. Now sit back and relax, some smart guys are taking $700+ million long term. Don’t use leverage, be patient and be HODL.

At the time of writing, Bitcoin price is trading at $26,433 after climbing above the $26,000 resistance level. Last night’s 9% BTC price drop also led to a sharp drop in the rest of the market, with major altcoins posting double-digit drops.

Translation of Walter Rizzo

Leave A Comment

All fields marked with an asterisk (*) are required