SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon Musk

AliXswap | SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon Musk

SpaceX’s Bitcoin write-down report on Aug. 18 sparked confusion among the many crypto neighborhood. The report printed in The Wall Avenue Journal puzzled many, who questioned whether or not SpaceX held $373 million price of Bitcoin (BTC) and bought it in 2021–2022 or whether or not they solely decreased their Bitcoin publicity by the identical quantity.

A number of social media retailers reported that SpaceX had bought its total BTC holdings, whereas others expressed uncertainty, claiming they had been unable to verify the quantity primarily based on the wording of the report.

Elon Musk revealed in 2021 that SpaceX holds Bitcoin, as does Tesla, on its steadiness 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 continuing confusion. Tesla as soon as held $1.5 billion price of BTC bought in the course of the bull market however revealed it had bought 72% of its holdings in Q2 2022.

The SpaceX write-off claims had been additionally believed to be one of many key catalysts behind the $2,000 BTC worth drop, though a number of others denied it being a trigger. 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 a number of others referred to as it market FUD.

One Reddit person wrote that Musk is operating out of money throughout all his firms, suggesting that Musk may promote “all of his Bitcoin and doge inside the subsequent 6 months.”

Associated: Elon’s ‘not afraid of blowing issues up’ — Ex-Twitter exec on working beneath Musk

Customers on X (previously often called Twitter) additionally referred to as out Musk for his “paper fingers,” a time period used for individuals who promote their BTC holdings prematurely. Others linked the BTC write-down to X’s ambition of turning into a fee large.

Whereas the dilemma round SpaceX’s BTC holdings continues, Bitcoin proponents advocated merchants to hodl BTC and never fall for market FUD.

Bitcoin’s worth was buying and selling at $26,433 on the time of writing, having overcome the $26,000 resistance degree. BTC’s worth decline of 9% final evening additionally led to a pointy downturn within the altcoin market the place high altcoins recorded a double-digit decline.

Journal: Simon Dixon on bankruptcies, Celsius and Elon Musk: Crypto Twitter Corridor of Flame