The CEO and owner of one of the leading cryptocurrency blockchains in the world (Binance) have boldly come out to speak on the sale of Bitcoin by the world’s richest man, Elon Musk.

A few days ago, Tesla — which is owned by Elon Musk — put out a whopping 75% of its Bitcoin holdings for sale. This development sprang up a series of reactions from cryptocurrency traders globally.

However, when asked to give his comment on the much-talked-about news, the Binance boss opined that the fact that Musk decided to sell off part of his company’s Bitcoin holdings is not a big deal, as it will have no iota of effect on the smooth run of the fundamentals of Bitcoin. He believes that no one can directly or indirectly influence the operations of Bitcoin.

In addition, he stated that he feels the measure taken by the electric vehicle company’s boss is in a bid to fully buy off Twitter in Q2. This comes after he (CZ) pledged $500 million to support Musk’s Twitter purchase plans, stating what he stands to gain as a contributor to the project.

On the other hand, the Tesla boss has stated cogent reasons for the liquidation of his company’s Bitcoin holdings. He cleared the air by stating that the measure was taken to generate more funds for the newly-opened factories in Germany and the US. Also, due to the effect of the lockdown previously imposed in China, the company’s Chinese manufacturing factories suffered a drawback in operations and urgently require a more flexible cash flow system.

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    Felix Aikhuele
    July 28, 2022

    Deep down we all know and saw how the sale of Tesla’s Bitcoin stock affected the market. I see this as rich men supporting each other.

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