Surprisingly, Elon's Tesla is not so keen on hodling BTC anymore

[Henrobakkara]

It's nothing that weird, if we remove the fact that Elon/Tesla had a huge amount of coins, it's just a matter of an investor cutting his losses, especially if we consider how his (public) opinion has been pretty negative in the past months. He may convert again later on but I doubt he'd be able to bring that much hype compared to the first time he did it. I also wouldn't put it much past him not entering Bitcoin again when the market recovers, as I said, he's an investor/Businessman. If he sees the market as profitable again, then he'd probably come back.

Considering what I have been seeing in the space and other news, that means Elon musk and Tesla believes that the bottom is not in yet if you think they might buy back when the market dips more. Of cause, Elon is a businessman and investments are all about profits but did they even made any profit from this move of selling off that amount of their Holdings of Bitcoin from when they bought? Well, I guess as you said, it's about cutting losses and maybe they are not strong enough to Hodl through the bear market 

[Jemzx00]

Musk's actions with bitcoin, dogecoin, and Twitter are perplexing to me--it's as if he's showcasing what would happen if you gave a malicious internet troll billions of dollars and told him to have at it.  But unfortunately there are a lot of people who hang on his ever word.  Just look at all the people who bought dogecoin because he tweeted about it; I've see quite a few YT vids related to that, and I'm sure for every one of those there are a hundred other people who never made it public they bought doge on the Musk hype.

This is the new reality we live in, the megalomaniacs now can instantly communicate with the world 24/7, instead of making press statements like in the old times. There's no one in the loop who could talk them out of saying stupid things, no one to provide context or commentary, just a direct connection with their audience.

Crypto community and Musk are perfect for each other, both are focused on hype rather than results. If a billionaire can convince people with a few tweets that a shitcoin has value, this just means that crypto market doesn't care about fundamentals, it's just a casino for redistributing wealth.

Actually, shitcoins especially those that doesn't really have any usecase are more like a casino than an investment instead. I've been on some of those coins and I was able to earn quite a decent amount on these hypes however it is too risky to invest in these tokens. You can only imagine how things were on other blockchains as it is easy to create shitcoins there and one word from Elon would boost the value of these tokens more 10 times.

Shitcoin community are more on hype than legitimate technology, usecase and security and these types of tokens are easily wipe out during this bear season.

Anyways, I think this news of Elon selling more than 70% of their BTC holding or more like a strategy to cut loss and re-entry at a much lower price.

[Ucy]

If all the so called billionaires withdraw their values, Bitcoin will still remain strong. This should prove to everyone who currently controls Bitcoin.

Only honest money can have an impact because I can't fight the truth.

[Reid]

Bitcoin lived without Elon Musk before and so it will be without him again.
Let's call those who invest in Bitcoin just because Elon Musk did too the Elon enthusiast not Bitcoin enthusiast.
They may be blank about what Bitcoin really is but is full of information about Elon.

Definitely the sell off will happen, we just didn't know when. But that's his plan right from the start, these are businessmen at the first place. They see ways to profit they take it.

[Argoo]

Since cryptocurrencies are currently in a period of decline, it is normal for such a situation to follow. if he sold more than $29k worth of bitcoin, he has made a profit now. Elon Musk is an ambitious and strong man. I think he make a lot of money from this market. That's why he never leaves the market. After the values of crypto currencies drop a little more, he will start buying again.

It is still difficult to say whether Tesla profit from the sale of its 75 percent of bitcoins will receive a profit, or will ultimately suffer losses. Bitcoins were purchased by this company in January 2021, when their price was on average from 30,000 to 35,000 dollars. They were sold at a price of $ 29,000. That is, in fact, such a deal was in a result. But everything will depend on how to do it further and whether the Bitcoin course will fall. Even if Tesla will again buy bitcoins at the current price just below $ 22,000, then on each bitcoin they will earn about $ 7,000. And we are talking, in my opinion, about 54,000 bitcoins. But we do not know Tesla's plans for bitcoins. Let's see what will happen next.

[Captain Corporate]

At the end of the day Elon is a dickhead and I never really liked him. I mean we gotta understand that he is not the type of person that would make any sense in any capacity. Dude is not being rumored to have an affair with google founders wife as well. This dude has been there for all the bad things at all times, he is always at the bad place at the bad time and that is the horrible thing to do and thats the issue. Just realize that he is a bad person and move on, if you can't realize that then you are going to end up making trades and that will result with you losing a lot of money if you keep doing that based on just Elon.

[Edwardard]

At the end of the day Elon is a dickhead and I never really liked him. I mean we gotta understand that he is not the type of person that would make any sense in any capacity. Dude is not being rumored to have an affair with google founders wife as well. This dude has been there for all the bad things at all times, he is always at the bad place at the bad time and that is the horrible thing to do and thats the issue. Just realize that he is a bad person and move on, if you can't realize that then you are going to end up making trades and that will result with you losing a lot of money if you keep doing that based on just Elon.

The thing is most ppl have made him as their idol only because he is the richest person in the world which is not so surprising, but we tend to forget he is also only a human and thoughts keep changing being a human being. Also we say sticking with one idea forever is a sign of arrogancy, afterall its his life not ours..

[Mauser]

It's hard for me to trust Elon Musk these days after his crypto and twitter debacle in the past. I feel a bit betrayed and think now that he has a plan every time he posts information about the crypto world. If the twitter deal would have went through he would have had even more power. A positive or negative tweet from Elon can send a crypto coin flying. Now I am wondering how much money did he personally and his company tesla make from bitcoins. If some rich stock broker would have done the same thing with stocks, people would have called it insider trading. In the end it doesn't matter, I am not listening to any rich guy when to buy and when to sell. Investing for the long run takes away the urge to sell as soon as prices are falling. Now with the cheap bitcoin price it seems better to buy than go sell.

[X-ray]

Since cryptocurrencies are currently in a period of decline, it is normal for such a situation to follow. if he sold more than $29k worth of bitcoin, he has made a profit now. Elon Musk is an ambitious and strong man. I think he make a lot of money from this market.

The important thing that i have learned from tesla if this company will be silently bought bitcoin but after it already acquired bitcoin and then the company will be making a statement. I guess if tesla was getting small profit from what already sold. Tesla was avoiding the thing like what happened with microstrategy to face a huge lose from its bitcoin investment. This is a financial decision that already taken by tesla.
Im sure that once market was showing a bullish signal and this company will be silently accumulating more bitcoin. This company is unpredicted.

[darewaller]

It is understandable that he may not want bitcoin, or it is understandable if he wants to hold some coins neither, both are quite understandable.

I have met with a million people who ended up with people who bought and sold bitcoin. If you are not entirely sure about what you want in the crypto world then you could buy or sell anytime you want. Just because he is the richest person in the world and Tesla is a giant company doesn't change the same fact.

Just like the guy who bought 300 bucks worth of bitcoin, and sold it, are the same logic as the guy who bought 1.5 billion dollars worth of bitcoin and sold. Maybe the impact could be wrong, but the mindset of doing it would be the same thing.

[Silberman]

Elon Musk is easily one of the most fickle characters that I have observed over time. If he could plan on purchasing Twitter and back out later on, supporting BTC and withdrawing his support later on isn't a big deal at all in comparison.

He isn't a good person with a black heart based on everything that I have heard about him, but he is a genius when it comes to business which is why I don't think he took these decisions on a whim.

Fact is that he simply manipulates the cryptocurrency market for his own gains now and then.

We must simply accept this for what it is, Elon is only interested in making money with his investments and there is nothing wrong with that, he is not someone like Saylor which seems to genuinely believe in bitcoin and its future, so the fact that Elon is now selling his bitcoin should not surprise us at all, if anything this is something a lot of us saw coming as he never gave the same aura of confidence Saylor gave, and now we are finally realizing we were right all along.

The pressure to remain at the top richest man on planet is so high so he need to find multiple sources of income to retain this and he find an opportunity to gain millions of dollars in crypto so for sure he will continue his stint on bitcoin to gain more money with it. And we cannot expect him to give his 100% support on bitcoin because he surely here to gain not for the new technology offered by cryptocurrency industry.

Correct, for people like us such a thing means nothing, however you do not get to become that rich by accident, it is obvious he cares a lot about the money he has and wants to get even more, and if for that he needs to invest or even use this market as he wishes then that is precisely what he will try to do, however this should be a lesson to all of those people which went crazy over Elon and his tweets about dogecoin and they need to learn to be more cautious because it is obvious he cares nothing about them and about the losses they may get.

[bakasabo]

It has became harder and harder to believe in what Elon says, plans and promises. Tesla no longer accepts Bitcoin, Tesla has sold part of previously bought Bitcoins, Elon's situation with Twitter, Elon has triggered crypto market flood with meme coins, trolling whole world in his twitter account. One day it might turn that he has cause more negative to crypto, than positive. And I would not be surprised, if he silently has sold his dogecoins, which he has promised to hold forever and support.

[qwertyup23]

Pretty easy decision for him and I think maybe some of us had so this coming. Obviously, it has something to do with the current state of the market and maybe he knows that he is going to lose money short term. So as a businessman, he has to shift and keep moving his money around so that it will still grow despite the current recession that we are having. So I'm not surprised, but I don't think this is an attack to bitcoin coming from him, just a business move, in my opinion.

I think as a wise businessman with lots of influence over its market, he knows how to hype a specific cryptocurrency, attract attention and buyers, then suddenly pull-out all of its investments and earn a quick profit. At the end of the day, Elon Musk is a businessman; all he cares about his receiving more profit at the end.

Though I do agree, he is an avid supporter of Doge, though the latter is considered as a memecoin with no use or anything whatsoever. Ultimately, if he invests into something, better try to earn a quick buck and pull-out your investments as soon as it reaches a certain threshold of profit on your end.

[Silberman]

It has became harder and harder to believe in what Elon says, plans and promises. Tesla no longer accepts Bitcoin, Tesla has sold part of previously bought Bitcoins, Elon's situation with Twitter, Elon has triggered crypto market flood with meme coins, trolling whole world in his twitter account. One day it might turn that he has cause more negative to crypto, than positive. And I would not be surprised, if he silently has sold his dogecoins, which he has promised to hold forever and support.

And that is the thing with Elon, we know that someone like him can change his mind as many times as he wants as he needs to adjust to the circumstances, but some of the changes that we are witnessing do not seem to be calculated and seem to have no reason behind it, this is especially true with his offer to buy Twitter only to take it back some weeks later, I do not know if he just wants to bring attention to himself or something but at least to me as of late his behavior looks erratic.

[Agbe]

Elon Musk, as business tycoon, he would have understood the risk involved in business. Though he was afraid to loss his money probably he has not fully understood the bitcoin market. But for those who understand the market would not sold out his bitcoin just like that because of the bear Market at a point of time. He would not sell them at that time of the bear Market. The 75% that was to was to support his businesses.

[DVlog]

This is shocking news that they sold out their holdings at a loss. This could demotivate other institutional investors not to invest in crypto anymore. But in the long run, this will bring stability to the crypto space. Too much holding of assets into an institutional investor is not a good thing especially if it has a limited supply like bitcoin.

But I hope other big corporations will be more involved in crypto. Especially I am looking for companies like EA Sports, Microsoft, google, etc.

[Theones]

This is shocking news that they sold out their holdings at a loss. This could demotivate other institutional investors not to invest in crypto anymore. But in the long run, this will bring stability to the crypto space. Too much holding of assets into an institutional investor is not a good thing especially if it has a limited supply like bitcoin.

But I hope other big corporations will be more involved in crypto. Especially I am looking for companies like EA Sports, Microsoft, google, etc.

Musk is a rich man and he moves the market as per his wish. But we are not rich people. We are the one who live pay cheque to pay cheque.
I think loss is not a loss for these big shots. For them peace of mind and time is very important. So they do what please them.

[Shasha80]

Elon Musk, as business tycoon, he would have understood the risk involved in business. Though he was afraid to loss his money probably he has not fully understood the bitcoin market. But for those who understand the market would not sold out his bitcoin just like that because of the bear Market at a point of time. He would not sell them at that time of the bear Market. The 75% that was to was to support his businesses.

I think because Elon Musk hasn't been in the crypto world very long, so he doubts the future of Bitcoin, and he felt the risk was too great
for holding Bitcoin. Even Elon Musk didn't experience the bear market that happened in 2018, so maybe he's surprised the price of Bitcoin
continues to drop drastically this year. This means that Elon Musk doesn't really understand the crypto world, even though in my opinion
it is a disadvantage to sell Bitcoin in a bear market situation like now. Moreover, selling Bitcoin in large quantities in a bear market situation,
it wastes the opportunity to generate large profits in the future. Actually I can understand Elon Musk's fear of holding Bitcoin, because he uses
a large amount of capital when investing in Bitcoin, so his asset estimate will drop very deep if he decides to hold Bitcoin.  Of course, Elon Musk
has a high level of concern about the current bear market situation, because I only use a small investment in Bitcoin, felt great pressure when
the price of Bitcoin fell as it is now. But I believe Elon Musk will return to investing in Bitcoin again when the bull market comes.

[bakasabo]

Take a look here: when Elon starting to be more into crypto, Bitcoin price was below 20k, he has triggered its pump, and now Bitcoin price is almost back to where it was. When Elon has initiated Twitter purchase, its price was 41 USD, later it has pumped and now it is again back to ~41 USD. Elon has tricked us again. I am not surprised that Tesla has sold their bitcoins. Once again some people earned a lot easily.

[Theones]

Take a look here: when Elon starting to be more into crypto, Bitcoin price was below 20k, he has triggered its pump, and now Bitcoin price is almost back to where it was. When Elon has initiated Twitter purchase, its price was 41 USD, later it has pumped and now it is again back to ~41 USD. Elon has tricked us again. I am not surprised that Tesla has sold their bitcoins. Once again some people earned a lot easily.

Musk is moving the market like he deems fit.
Sine he is a rich man and he can buy big business so he does what he want to and people are bound to follow his decision. One should be as rich as Musk.