🐳 “Just a drop in the ocean: CZ commented on Tesla’s 75% reduction in Bitcoin reserves

Incryptico » 🐳 «Just a drop in the ocean: CZ commented on Tesla’s 75% reduction in Bitcoin reserves
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The CEO of Binance commented on Tesla’s recent sale of $936 million of its BTC reserves, saying that such a sale is not capable of shaking the market.

Up to $100 billion of #btc gets traded every day. Someone selling $1 billion is a drop in the ocean. https://t.co/jEY9dmLeb2

— CZ 🔶 Binance (@cz_binance) July 21, 2022

Up to $100 billion #btc is traded on the market every day. Someone’s $1 billion sale is a drop in the ocean.

Changpeng Zhao, CEO of Binance

That’s how Changpeng Zhao responded to a Twitter thread by user rockybaba4u, who claimed that some market participants reacted too violently to the news of the sale. “It’s as if the crypto market depends only on Elon Musk,” he wrote, adding that “the crypto world cannot be run by a few people.”

The user also reminded the head of Tesla of the right to freely buy and sell his crypto-assets, as everyone else does.

I don’t know why there is so much noise about Elon Musk selling his #BTC. The reaction of some people looks as if the crypto market is completely dependent only on Elon Musk. Is that so, Elon Musk?

On July 21, Tesla reported selling $936 million worth of BTC, which was about 75% of the company’s entire reserve. Elon Musk cited concerns about his company’s “overall liquidity” and uncertainty over China’s COVID-19 lockdowns, which have created production problems for Tesla, as the reason for the sale.

The head of Tesla assured that “this should not be taken as some kind of verdict on Bitcoin”, and the company itself is open to future investments in Bitcoin.

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