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+--- Thread: Tesla dumps 75% of its BTC holdings (/showthread.php?tid=6214228)
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Tesla dumps 75% of its BTC holdings - _daniel - Jul 20, 2022
Following on from my previous thread "Tesla Sold $272MM worth of Bitcoin", Tesla has revealed it has sold 75% of its holdings in the last quarter.
“We are certainly open to increasing bitcoin holdings in future. So this should not be taken as some verdict on Bitcoin. It’s just that we were concerned about overall liquidity for the company given COVID shutdowns in China,” Tesla CFO Zachary Kirkhorn said. (Source)
Given that the reason BTC rose over $40K due to Tesla's 'enterprise adoption', it should be no surprise that the price remains severely depressed, considering that BTC has failed to be a 'store of value' or an 'inflation hedge'. By the looks of things, they appear to have sold a large majority at a loss of ~10%.
What are your thoughts?
RE: Tesla dumps 75% of its BTC holdings - diesiel - Jul 20, 2022
(Jul 20, 2022 10:29 PM)_daniel Wrote: Given that the reason BTC rose over $40K due to Tesla's 'enterprise adoption',
What are your thoughts?
Citation required.
RE: Tesla dumps 75% of its BTC holdings - Swip3r - Jul 20, 2022
Not worried long term of course, musty Elon has continuously proven to be a troll on twitter and that surely has hurt his validity, sure nearly $1B in BTC is a tough hit & sure he still has major influence but I couldn't care less about what musty Elon says personally.
Same dude that just said BTC isn't renewable enough after stating that they'll accept BTC transactions if the renewable energy source of BTC mining hits over 50% (which it has)
Makes sense that they needed liquid cash though, weird that they needed liquid cash so bad that they chose to sell at a 10% loss.
RE: Tesla dumps 75% of its BTC holdings - _daniel - Jul 20, 2022
(Jul 20, 2022 10:35 PM)diesiel Wrote: Citation required.
Bitcoin's price shot up more than 14% after Tesla's disclosure to a new all-time high of $44,801, based on CoinDesk's Bitcoin Price Index. The jump pushed bitcoin's year-to-date return to about 50%, versus 3.9% for the Standard & Poor's Index of large U.S. stocks. (source)
RE: Tesla dumps 75% of its BTC holdings - diesiel - Jul 20, 2022
(Jul 20, 2022 10:37 PM)_daniel Wrote: Bitcoin's price shot up more than 14% after Tesla's disclosure to a new all-time high of $44,801, based on CoinDesk's Bitcoin Price Index. The jump pushed bitcoin's year-to-date return to about 50%, versus 3.9% for the Standard & Poor's Index of large U.S. stocks. (source)
![[Image: f1f6cafb-6444-453f-a5c5-8f603ab41a23_SP+...ess,format]](https://images.prismic.io/sketchplanations/f1f6cafb-6444-453f-a5c5-8f603ab41a23_SP+562+-+Correlation+is+not+causation.png?auto=compress,format)
RE: Tesla dumps 75% of its BTC holdings - _daniel - Jul 20, 2022
(Jul 20, 2022 10:43 PM)diesiel Wrote: -snip-
The market says otherwise and the market is the ultimate source of truth. Does price dictate narrative or does narrative dictate price?
RE: Tesla dumps 75% of its BTC holdings - diesiel - Jul 20, 2022
(Jul 20, 2022 10:44 PM)_daniel Wrote: The market says otherwise and the market is the ultimate source of truth. Does price dictate narrative or does narrative dictate price?
The "market" you're referring to is, by all intents and purposes, a mythical creature that hasn't been seen for over 100 years. Certainly not since the unholy parasitic virus that is the Federal Reserve System came into existence. There is no truth in the market when the money that's supposed guide the signals within it has been corrupted beyond any hope of redemption.
RE: Tesla dumps 75% of its BTC holdings - _daniel - Jul 20, 2022
(Jul 20, 2022 10:57 PM)diesiel Wrote: The "market" you're referring to is, by all intents and purposes, a mythical creature that hasn't been seen for over 100 years. Certainly not since the unholy parasitic virus that is the Federal Reserve System came into existence. There is no truth in the market when the money that's supposed guide the signals within it has been corrupted beyond any hope of redemption.
You can continue believing that, just not sure why you are into cryptocurrency and concerned about fiat-price valuations if that's the case.
For me, having somewhat contrarian views and not being a perma-bull has made me wealthy. Hopefully, with the posts I share, others may enjoy the alternative view on markets/narrative/price beyond just "number go up".
RE: Tesla dumps 75% of its BTC holdings - Dirtbagjohnny - Jul 21, 2022
They sold just during that period where btc dumped the the most, and now when the news hit the price barely moved. Was it priced in? Did their sell-off leak?
RE: Tesla dumps 75% of its BTC holdings - G Eazy - Jul 21, 2022
I think he does it without even thinking about it. I mean look at TSLA pre-market...
RE: Tesla dumps 75% of its BTC holdings - notacstudent - Jul 21, 2022
The reason they sold Bitcoin:
Shanghai lockdowns caused significant concerns for their balance sheet. Bitcoin is highly liquid and it was sold at a profit as insurance against the closed factories.
This is why they bought Bitcoin in the first place, it's a highly liquid cash alternative.
If you're going to learn anything from this:
Take profits!
Should also note, Elon said he's open to buying more Bitcoin down the road.
RE: Tesla dumps 75% of its BTC holdings - Bovril Coin - Jul 21, 2022
could of been something to do with SEC and the twitter case mabey they said dump BTC and we will side with you on X,Y,Z
RE: Tesla dumps 75% of its BTC holdings - shreder - Jul 21, 2022
Could you really blame the guy? This is the Bitcoin community.
RE: Tesla dumps 75% of its BTC holdings - Regulus - Jul 21, 2022
No wonder it's "crashing" at the moment then.
RE: Tesla dumps 75% of its BTC holdings - iNviZ - Jul 21, 2022
(Jul 21, 2022 04:06 PM)Regulus Wrote: No wonder it's "crashing" at the moment then.
Crashing? Wall Street involvement it’s a win win for BTC. Going to save this thread and repost in 3 years. EHey