Yes, he said it! The third richest man in the world confirmed that the most valuable cryptocurrency has proven itself in what he claims is a "stress test". As it turns out, Musk is not only busy testing SpaceX rockets, but also finding strengths in flagship cryptocurrency.
When the Twitter handle "documenting Bitcoin" asked Musk if the asset had passed his automaker's test, it left no room for speculation. He did not respond in his usual satirical way. In fact, he left no room for confusion and was directed like a straight arrow tweeting "Yes".
Musk puts the skeptics to sleep
Obviously, Crypto Twitter has flared up as usual. The comments have been mostly positive, but are confident that some bears will intervene, mirroring the feelings of skeptics. The bone of contention for naysayers is that Musk will dump the market in the future and leave the Bitcoiners to face the bear storm that may follow.
Recall that Tesla (Tesla shares - ticker TSLA) revealed its first quarter earnings report on April 26. In the report, which is expected to wreak havoc on Bitcoin Twitter, Musk reveals that Tesla has sold 10% of his holdings in Bitcoin. The result of this sale? A lump sum of profit for the electric vehicle company.
Musk replied almost immediately, in a tweet he could be credited with for Bitcoin's 2% rise just minutes later. "No you no," he told Portnoy.
Elon Musk proves to companies that Bitcoin is a better substitute for money
In the tweet that followed, Musk gave the Bitcoiners two reasons to have fun when he first revealed that he has yet to sell any of his personal Bitcoins, confirming speculations that the Bitcoin buying party wasn't just for Tesla. but for his pockets, as a reserve good.
More importantly, Tesla tested Bitcoin, to show that owning cash on a company's balance sheet can easily be replaced by owning Bitcoin, as it was just as easy and profitable to liquidate.
“I haven't sold any of my Bitcoins. Tesla sold 10% of its holdings, essentially to prove the liquidity of Bitcoin as an alternative to holding cash on the balance sheet, ”the CEO revealed.
As Bitcoin Twitter continues to scream for joy as it digestes the new reveal, the Dogecoiners appear to be waiting for the day Musk reveals to the world that in the same way that he has Bitcoin in one of his pockets, he could dip his hands in the other and pull it out. equally Dogecoin.
And what do you think of Tesla's sale of Bitcoin? Just a strategic move, or is Musk really thinking of getting out of the volatile world of cryptocurrencies? Let us know in the comments below.