{"id":476181,"date":"2022-07-21T05:23:12","date_gmt":"2022-07-21T02:23:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/experts-reveal-what-teslas-936m-sell-off-means-for-bitcoin\/"},"modified":"2022-07-21T05:23:12","modified_gmt":"2022-07-21T02:23:12","slug":"experts-reveal-what-teslas-936m-sell-off-means-for-bitcoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/experts-reveal-what-teslas-936m-sell-off-means-for-bitcoin\/","title":{"rendered":"# Experts reveal what Tesla&#8217;s $936M sell-off means for Bitcoin"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bbf1f4061b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bbf1f4061b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/experts-reveal-what-teslas-936m-sell-off-means-for-bitcoin\/#%E2%80%9D_Experts_reveal_what_Teslas_936M_sell-off_means_for_Bitcoin_%E2%80%9C\" >&#8221; Experts reveal what Tesla&#8217;s $936M sell-off means for Bitcoin  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Experts_reveal_what_Teslas_936M_sell-off_means_for_Bitcoin_%E2%80%9C\"><\/span>&#8221; Experts reveal what Tesla&#8217;s $936M sell-off means for Bitcoin  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMTYzMjExYTEtMzU5Ni00YWViLWFjZTItMjRhNTQ3NTI0MTcwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>Crypto industry experts are largely unfazed by Tesla\u2019s decision to sell 75% of its Bitcoin (BTC) holdings, saying it\u2019s a fairly typical strategy for companies to improve cash flow during economic slowdowns.\u00a0<\/p>\n<p>On Wednesday, the electric vehicle manufacturer revealed that it had sold 75% of its Bitcoin holdings in Q2, adding $936 million in fiat to its balance sheet. <\/p>\n<p>During a conference call, Tesla CEO Elon Musk noted that the sale \u201cshould not be taken as a verdict on Bitcoin,\u201d explaining that the move was due to liquidity concerns given the continued Covid lockdowns in China. <\/p>\n<p>\u201cThe reason we sold a bunch of our Bitcoin holdings was that we were uncertain as to when the Covid lockdowns in China would alleviate. So it was important for us to maximize our cash position.\u201d<\/p>\n<blockquote><p>\u201cWe are certainly open to increasing our Bitcoin holdings in the future.\u201d <\/p><\/blockquote>\n<p>Asked by investors during the earnings call whether he saw Bitcoin as a long-term asset, Musk said the cryptocurrency was a \u201csideshow to the sideshow\u201d of Tesla\u2019s main goal, which is \u201cto accelerate the advent of stable energy.\u201d <\/p>\n<p>\u201cCryptocurrency is not something we think of a lot,\u201d he said. <\/p>\n<p>Markus Thielen, chief investment officer at Singapore-based digital asset manager IDEG told Cointelegraph that Tesla likely sold off its Bitcoin as it was \u201cseen as a distraction from their core business.\u201d<\/p>\n<blockquote><p>\u201cI would not be surprised if Tesla keeps nibbling in Bitcoin when Bitcoin stabilizes, otherwise they would have sold 100%.\u201d<\/p><\/blockquote>\n<p>Comparison site Finder\u2019s share trading expert Kylie Purcell explained that the electric car manufacturer hasn\u2019t been alone in its decision to \u201cshore up capital in cash currencies.\u201d<\/p>\n<p>\u201cWith the world heading into an economic slowdown and possibly a recession, it\u2019s not unusual for investors and companies to move capital away from more volatile assets into fiat currency,\u201d she noted. <\/p>\n<p>She also added that while the price of Bitcoin dipped following the announcement, there are already signs of recovery. <\/p>\n<p>On Wednesday, Bitcoin\u2019s price fell <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 2.6% following Tesla\u2019s announcement and has returned to $23,299 at the time of writing \u2014 tracking close to its one-month high, meaning that the crypto community may not have been too concerned by the announcement. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">So Tesla has already sold off their inventory, appears to have mainly done so to maintain positive cash flow (non bitcoin-centric reasons), and still has 25% of their BTC. <\/p>\n<p>Maybe I\u2019m coping but seems like a nothingburger.<\/p>\n<p>\u2014 Will Clemente (@WClementeIII) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1549859686740070402?ref_src=twsrc%5Etfw\">July 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The muted reaction to the sale played out differently to the announcement in February last year that Telsa had scooped up $1.5 billion in BTC to add to its balance sheet and was planning on\u00a0 accepting Bitcoin as payment for certain products (though this was later scrapped). <\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> at the tim saw Bitcoin\u2019s price im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely jump by almost $3,000, bringing the cryptocurrency to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/revelations\">new all-time high<\/a> above $43,000.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTC<\/em><\/strong><\/p>\n<p>Swyftx\u2019s head of strategic partnerships, Tommy Honan told Cointelegraph that Tesla\u2019s decision to buy Bitcoin last year was \u201cas important a moment as you can imagine for digital assets.\u201d<\/p>\n<blockquote><p>\u201cIt almost gave other businesses permission to put crypto on their balance sheets and we saw a lot of big institutional investors, as well as small and mid-cap companies flood into the market from that point.\u201d<\/p><\/blockquote>\n<p>\u201cMusk said the sale wasn\u2019t a verdict on Bitcoin, just a cash play, and it looks like the market has taken him at his word. Bitcoin\u2019s price has stabilized over the last 24 hours and we\u2019d be surprised if other big investors followed suit, especially given the current price of Bitcoin.\u201d <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/experts-reveal-what-tesla-s-936m-sell-off-means-for-bitcoin\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Experts reveal what Tesla&#8217;s $936M sell-off means for Bitcoin &#8220; Crypto industry experts are largely unfazed by Tesla\u2019s decision to sell 75% of its Bitcoin (BTC) holdings, saying it\u2019s a fairly typical strategy for companies to improve cash flow during economic slowdowns.\u00a0 On Wednesday, the electric vehicle manufacturer revealed that it had sold 75%&#8230;<\/p>\n","protected":false},"author":1,"featured_media":476182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMTYzMjExYTEtMzU5Ni00YWViLWFjZTItMjRhNTQ3NTI0MTcwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,39394,36402],"class_list":["post-476181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-elon-musk","tag-tesla"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=476181"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476181\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/476182"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=476181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=476181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=476181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}