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Usha Yadav
Jul 21, 2022
by Usha Yadav

Justin Sun Says Elon Musk Selling Bitcoin is Great News for Cryptocurrency

Elon Musk Bitcoin

Table of contents

  1. Elon Musk Sold 75% of Bitcoin Holdings
  2. Tesla Will Still Buy More Crypto
Tesla had sold 75% of its Bitcoin holdings and impacted the cryptocurrency market but not everyone was affected by it. Justin Sun, a well-known cryptocurrency entrepreneur and enthusiast, is one of the unaffected. He said Elon Musk leaving Bitcoin is "great news" for the cryptocurrency.

Elon Musk Sold 75% of Bitcoin Holdings

The creators of popular initiatives like Tron (TRX) and BitTorrent (BTT) pointed out that the automaker's selling of Bitcoin for almost a billion dollars is an excellent example of the liquidity that cryptocurrencies may offer to big businesses. In addition, Tesla's Bitcoin transactions created a precedent for all firms who retain BTC on their balance sheets.

Sun thanked Musk and concluded that this occurrence might persuade large corporations to purchase cryptocurrencies in the future. After the U.S. stock market's trading session ended last night, businesses started to release reports, during which Tesla sold its Bitcoin.

Tesla Will Still Buy More Crypto

The company got $936 million from the crypto community in exchange for its Bitcoin and "paper hands" status. In addition to Justin Sun, Michael Saylor, a well-known "crypto phile" and native of corporate America, also provided a professional perspective. According to the inventor of MicroStrategy, if you sell 75% of your Bitcoin positions, you still hold 25% of them.

Musk says Tesla will continue to purchase more cryptocurrency. On the other hand, the comment about potential future acquisitions led many to believe that Musk is holding off on adding to his Bitcoin supply while he waits for a new bottom.

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Justin Sun Says Elon Musk Selling Bitcoin is Great News for Cryptocurrency
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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