Effect of Tesla bitcoin sale not significant

[Apocollapse]

I'm surprised to see many users saying this kind of news is FUD, while the news has nothing to do with a FUD, seems like people see any news is a FUD lol. This guy has nothing to do with Bitcoin and he can't control Bitcoin price with his tweet, the reason why the price drop for 4%-5% is just a normal fluctuation. Does Bitcoin price always increase when bull season? No, you will few days the price is drop for few % and then continue to rise.

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[Rikafip]

PS. It was a big surprise for me that Tesla did buy high and sell low. I've been expecting them be smarter.

Why do you think that they made a loss on those 75% BTC that they sold? Afaik they bought Bitcoin before December 2021 when price was around 20k, and they didn't sell yesterday when this news broke but sometime before that so there is a high chance that in the end they profited from this trade.

Totally addicted to green, in every possible sense and form, and maybe we would have more luck if by any chance the Bitcoin logo was green, when it doesn't help that more than 50% of the energy used for Bitcoin mining comes from renewable sources...

In that regard I don't think that he is any worse than a huge majority of bitcoin hodlers who only see it as a way to increase their fiat amount and bitcoin proved to be a very good for that.

[Smack That Ace]

The sale of Bitcoin by Tesla might have played a part in the steep drop in bitcoin prices this past June. Anyway, they sold their bitcoin and the news hardly created too much panic in the market.

The reality is, Tesla or other sharks such as MicroStrategy selling all their bitcoins, it won't make the bitcoin supply more than 21 million BTC, so this sale makes little sense in the long run.

[mk4]

If I'm not mistaken, it's not like the went to the public and then sold. They have sold already months ago and this is why the price goes down hard, just one reason together with the Luna crash.

It was a time-weighted average price(TWAP) sell; pretty much they sold slowly in the span of days as to not heavily affect the markets with an unnecessarily huge red wick and with them getting less dollars for their bitcoin.

[fabiorem]

The news about Tesla is just clickbait, as most news pertaining to crypto these days. They do it to spread panic and force you to sell.
And I don't believe Elon Musk ever moved the price in 2021. He could have moved dogecoin's price, but not bitcoin.

[FatFork]

The news about Tesla is just clickbait, as most news pertaining to crypto these days. They do it to spread panic and force you to sell.

As far as I know, Tesla released its financial results for the second quarter of 2022 in line with what is expected of them by their shareholders and as they routinely do each year. Media outlets were merely reporting the facts and published their articles accordingly.

And I don't believe Elon Musk ever moved the price in 2021. He could have moved dogecoin's price, but not bitcoin.

Elon Musk doesn't move the price, the market does. Market moves are the result of many things, but the key component of all of these reactions is the psychology of the traders and the buying and selling that result from them.

[Queentoshi]

I do not know why the news are bringing this up, no significant effect at all.

Formerly it would have had a significant effect on the market but I guess people do not give too much attention to Elon musk these days and Tesla. The attention that both Elon and Tesla formerly enjoyed I think no longer exist as before.

[justdimin]

I do not know why this time should be linked to Tesla that sold 75% of their bitcoin holding. The amount sold is large but no significant effect.

You said that tesla was involved before so why not this time? Or maybe you are not totally convinced because you see that price seems unaffected and price did in fact rise a little. Oh well, maybe the effects were just delayed. That happens sometimes so we shouldn't be confident that much. We can sell some now in case we will be needing the cash later on because the price can fall again at some point and it may have a hard time to recover again.

Tesla will sell their bitcoin holding, it could be because of business reasons or a way to manipulate the market in the future, but it was good that Elon Musk sold this coin and not having significant effect on the market.

The feedback that I am hearing are mixed. There are those who said that it was due to business purposes but there are some who says that they did it because they want to manipulate the price of bitcoin again.

[batang_bitcoin]

I do not know why the news are bringing this up, no significant effect at all.

Yes, it's different this time. There's a slight effect on it but look how the market is recovering from the crash that it went from. Maybe this is all planned by them.
Like before, when there were news about buying out of a certain company for bitcoin, the price shoots up and I think they've preserved this news well to affect the market once again to send it to the bottom again for them to buyback those cheap bitcoins but it was unsuccessful.

[Lucius]

Totally addicted to green, in every possible sense and form, and maybe we would have more luck if by any chance the Bitcoin logo was green, when it doesn't help that more than 50% of the energy used for Bitcoin mining comes from renewable sources...

In that regard I don't think that he is any worse than a huge majority of bitcoin hodlers who only see it as a way to increase their fiat amount and bitcoin proved to be a very good for that.

I would disagree with that, because after all, he is a man who has far more influence than any ordinary person who sells or buys Bitcoin - and if you look at what the media is doing with this news and how much discussion is going on in this forum, it is also more than enough proof that people care what he says and what he does. Accordingly, I hope that people have understood that he is only a part of the majority that you mention, and that he is not interested in Bitcoin for some other reasons.

[Rikafip]

I would disagree with that, because after all, he is a man who has far more influence than any ordinary person who sells or buys Bitcoin - and if you look at what the media is doing with this news and how much discussion is going on in this forum, it is also more than enough proof that people care what he says and what he does.

I meant in his view of bitcoin as a way to increase amount of fiat as majority of ordinary bitcoin holders use bitcoin primarily for that, they are not interested in bitcoin "philosophy" and that's why in my eyes he is not worse than anyone else just wanting to profit from bitcoin. It's just that he is doing it on a much larger scale and that's about it.

Accordingly, I hope that people have understood that he is only a part of the majority that you mention, and that he is not interested in Bitcoin for some other reasons.

Judging by the comments here, I am not so sure that people understand what's his goal in crypto and I think that many are taking him way too seriously.

[NeuroticFish]

PS. It was a big surprise for me that Tesla did buy high and sell low. I've been expecting them be smarter.

Why do you think that they made a loss on those 75% BTC that they sold? Afaik they bought Bitcoin before December 2021 when price was around 20k, and they didn't sell yesterday when this news broke but sometime before that so there is a high chance that in the end they profited from this trade.

There were many saying on twitter that Tesla has bought high and sold low... they've convinced me and I didn't go to check the numbers.
So they were not at loss after all?

[Rikafip]

There were many saying on twitter that Tesla has bought high and sold low... they've convinced me and I didn't go to check the numbers.
So they were not at loss after all?

Yeah I know that "haha stupid paper hand Elon lost money on Bitcoin" is the narrative on social media, but when you check the prices around the time he bought and sold (which are different from the time that info was released) you see that him selling with loss is unlikely. Or even if he had some loss, it probably wasn't big.

[ultrloa]

There were many saying on twitter that Tesla has bought high and sold low... they've convinced me and I didn't go to check the numbers.
So they were not at loss after all?

Yeah I know that "haha stupid paper hand Elon lost money on Bitcoin" is the narrative on social media, but when you check the prices around the time he bought and sold (which are different from the time that info was released) you see that him selling with loss is unlikely. Or even if he had some loss, it probably wasn't big.

For sure Elon is not stupid as that since he is businessman and successful already by all means so I guess this is just part of their show to make it look that they are not into crypto anymore then see if they can buy back again. Elon does manipulative tactics from the past so maybe this is another round of what they do so hopefully many people will realize that they are not good to follow.

[Hypnosis00]

I could say that people have been aware of the situation. Hearing about Tesla Company and the negative talks that Elon Musk does plus shilling Dogecoin, I think people had learned already and simply ignore it. We don't afraid if they sell some of their Bitcoin as while they are selling, many people are also buying which makes the market keep on balance and retain the price at its current position.

But maybe some members are right, this is mind-blowing from a known businessman and a huge company selling their assets at lose where we know that they can manage to hold it.

[fuguebtc]

There were many saying on twitter that Tesla has bought high and sold low... they've convinced me and I didn't go to check the numbers.
So they were not at loss after all?

Yeah I know that "haha stupid paper hand Elon lost money on Bitcoin" is the narrative on social media, but when you check the prices around the time he bought and sold (which are different from the time that info was released) you see that him selling with loss is unlikely. Or even if he had some loss, it probably wasn't big.

For sure Elon is not stupid as that since he is businessman and successful already by all means so I guess this is just part of their show to make it look that they are not into crypto anymore then see if they can buy back again. Elon does manipulative tactics from the past so maybe this is another round of what they do so hopefully many people will realize that they are not good to follow.

Don't forget that he is a businessman, and he is also the richest man in the world. If he were stupid enough to sell his fortune at a loss, he wouldn't be the richest man on the planet.

Based on price averaging, it can be inferred that Tesla lost money in the most recent bitcoin sale, but we don't have specific data for their bitcoin buy orders so nothing can be confirmed.

[Rikafip]

Don't forget that he is a businessman, and he is also the richest man in the world. If he were stupid enough to sell his fortune at a loss, he wouldn't be the richest man on the planet.

Just because he is rich and successful doesn't mean that he can't make mistakes that will cost him money. Take for example those 3AC and Celsius people; those are smart (and rich) people that were blinded by greed and made stupid mistakes. All I am saying is that its wrong to judge this move (and gloat) based on the price when this news leaked because both of these things happened earlier.

[alara14251]

I do not know why the news are bringing this up, no significant effect at all.

You're kidding right?  Their sale set off the liquidations of Celsius, Three Arrows Capital, Luna, along with several other major players.  Even the mention that Tesla sold 75% of their holdings caused a further 136 million dollars in liquidations.

Elon musk made a huge impact on crypto market no doubt about that. but whole market is in down trend . crypt ,stock everything is collapsing. i think global supply chain has been broken,oil & gas shortage,FED print a huge amount of money. So all together the economy is crashing .

[eaLiTy]

~
Elon Musk is anti bitcoiner and supporting just doge coin, people were thinking that this will happen, that Tesla will sell their bitcoin holding, it could be because of business reasons or a way to manipulate the market in the future, but it was good that Elon Musk sold this coin and not having significant effect on the market.

If you are referring to huge investors as anti bitcoiners then you should include every institutional investors in this category including anyone who invest in the market who think about attaining a profit at a later date. One thing is established is that Elon Musk is a master manipulator not only in the cryptocurrency space but also in the stock market, so you can expect news popping up once in a while that could influence the market.

[STT]

The news is retrospect and probably better explains what had already happened with exceptional BTC weakness in the months prior.  Companies dont usually dispose of shares or fungible assets all in one go, its dispersed with a strategy to follow current market pricing often a volume weighted measurement such as VWAP indicator sometimes available on various chart data providers.

It was significant perhaps but not ongoing as an effect which is what will matter more for prices this year.  People sell all the time, it happens but to me BTC is about being used and also the billions of people who may find utility with this 'tool' ie. usage >