Elon Musk: Cryptocurrency, What's next for Bitcoin in August? BTC & Ethereum Price News

Commenting on Tesla offloading 75% of its bitcoin holdings, the Binance boss took it in a very light way, saying Elon Musk’s decision, whether selling or buying the asset, “does not mean much” because his move won’t change BTC’s fundamentals. The Tesla CEO revealed the reasons behind the dump days ago, noting that the company needed funds for the freshly opened factories in the US and Germany, as well as a better cash flow to support its businesses in China, which were heavily impacted by the extended Covid-19 lockdown in Q2. CZ – who once put forth $500 million to support Elon Musk’s ambition to acquire Twitter – added that no one knows precisely why Musk sold a large quantity of bitcoin, touting that the world’s richest man may need cash to buy Twitter in Q2. Speaking on the ongoing contagion igniting consecutive fallouts, CZ clarified in an earlier interview with CNBC that Binance has “very minimal exposure” to collapsed lending firms like Celsius and Voyager. The exchange acted as neither their creditor nor debtor, he added. Tesla was previously one of the largest corporate holders of Bitcoin, announcing a $1.5 billion investment in the top cryptocurrency last February. Estimates at the time pegged the purchase price at somewhere in the $30-40,000 range per bitcoin, meaning Tesla was riding high throughout the bull run that saw Bitcoin's price soar to well above $60,000. In May of last year, Musk tweeted, "Tesla has diamond hands," using emojis, an investing term that means not selling no matter how bad things get. #Bitcoin #BTC #ElonMusk #cryptocurrrency #ETH

Source YouTube.com