SpaceX’s Bitcoin write-down report on Aug. 18 sparked confusion among the many crypto group. The report printed in Wall Avenue Journal puzzled many, who questioned whether or not SpaceX held $373 million value of Bitcoin and bought it in 2021-22 or whether or not they solely diminished their Bitcoin publicity by the identical quantity.
A number of social media retailers reported that SpaceX had bought its complete BTC holdings whereas others expressed uncertainty, claiming they had been unable to substantiate the quantity based mostly on the wording of the report.
I really learn the WSJ report. I believe @BitcoinMagazine is mistaken right here
Sure, the report claims that SpaceX marked down the worth of their bitcoin by 373m (btw, that does not imply they SOLD 373m) and bought *some*, however promoting some would not essentially imply they don’t have any bitcoin left https://t.co/rLgwA0N8Zi pic.twitter.com/GSrOio7zku
— Pledditor (@Pledditor) August 17, 2023
Elon Musk revealed in 2021 that SpaceX holds Bitcoin, as does Tesla, on their stability sheet. Whereas Tesla’s Bitcoin holdings had been made public, there have been no estimations round SpaceX’s BTC holdings which has been key to the continued confusion. Tesla as soon as held $1.5 billion value of BTC bought in the course of the bull market, however revealed it bought 72% of its holdings in Q2 of 2022
The SpaceX write-off claims had been additionally believed to be one of many key catalysts behind the $2000 BTC worth drop, though a number of others denied it being a trigger. Elon Musk hasn’t addressed the problem but, however the market FUD made him a goal of Bitcoin proponents who questioned his technique of shopping for excessive and promoting low whereas just a few others known as it a market FUD.
Purchase Excessive & Promote Low – Elon Musk’s #Bitcoin technique for Dummies https://t.co/yBKsPdg59B
— Matt C⚡️ (@mithcoons) August 17, 2023
One Reddit consumer wrote that Musk is working out of money throughout all his firms whereas suggesting that Musk may promote “all of his Bitcoin and doge throughout the subsequent 6 months.”
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Customers on X (previously referred to as Twitter) additionally known as out Elon for his “paper arms,” a time period used for many who promote their BTC holdings prematurely. Others linked the BTC write-down to X’s ambition of changing into a fee big.
Musk seems to be going to toe-to-toe towards #Bitcoin together with his X empire.
I want him nicely, though I do not suppose that is clever. https://t.co/WFmOdVBh1E
— Dr. Jeff Ross (@VailshireCap) August 17, 2023
Whereas the dilemma round SpaceX’s BTC holdings continues Bitcoin proponents advocated merchants to HODL BTC and don’t fall for market FUDs.
@SpaceX did not promote its Bitcoin, and neither did@ElonMusk. Now sit again and calm down, just a few clever guys getting 700+ million in longs. Do not leverage, be affected person and simply #HODL.
— Lodewyck Berghuijs (@LodewyckBTC) August 18, 2023
Bitcoin worth was buying and selling at $26,433 on the time of writing, having overcome the $26,000 resistance. BTC worth decline of 9% final evening additionally led to a massacre within the altcoin market the place high altcoins recorded a double-digit decline.
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