{"id":160795,"date":"2022-07-21T15:06:12","date_gmt":"2022-07-21T15:06:12","guid":{"rendered":"https:\/\/precoinnews.com\/?p=160795"},"modified":"2022-07-21T15:06:12","modified_gmt":"2022-07-21T15:06:12","slug":"elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/","title":{"rendered":"Elon Musk&#8217;s $1 Billion Bitcoin Sale From Tesla&#8217;s Bag Is A Drop In The Ocean &#8211; Binance Chief CZ"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/Elon-Musks-1-Billion-Bitcoin-Sale-From-Teslas-Bag-Is-A-Drop-In-The-Ocean-Binance-Chief-CZ.jpg\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/03\/IMG_6129-50x50.jpg\"><\/p>\n<p>Summary:<\/p>\n<ul>\n<li>75% of the Bitcoin owned by Tesla was sold off according to the company&rsquo;s Q2 2022 earnings report.<\/li>\n<li>Elon Musk&rsquo;s automobile maker supposedly chose to bolster cash reserves with the sale.<\/li>\n<li>The move strengthened Tesla&rsquo;s balance sheet with almost $1 billion at current market prices.&nbsp;<\/li>\n<li>Billionaire Musk stressed that the sale does not represent the company&rsquo;s verdict on BTC as an asset.<\/li>\n<li>Elon cited COVID-19-related shutdowns in China as a primary reason for the decision.<\/li>\n<li>The general crypto market remains above $1 trillion following the latest rally and BTC is above $22,000 despite the massive sell-off.<\/li>\n<li>Binance CEO Changpeng Zhao reacted to social media sentiment about the news and said that Tesla&rsquo;s BTC trade is a drop in the ocean.&nbsp;<\/li>\n<\/ul>\n<p>Binance CEO Changpeng has tagged Tesla&rsquo;s Bitcoin trade as a drop in the ocean as the electric car maker added fresh cash to its balance sheet by offloading 75% of its BTC holdings amid COVID-19 lockdowns in China.<\/p>\n<p>Tesla released its Q2 2022 earnings reports this week and revealed an update on its BTC holdings. Elon&rsquo;s company initially splurged the cash in February 2021 and scooped up about $1.5 billion worth of Bitcoin at the time.&nbsp;<\/p>\n<p>The company added that BTC would become a payment method, a decision which was eventually overturned citing energy concerns.<\/p>\n<p>According to the earnings report, Tesla has now sold 75% of its BTC. The trade was worth $936 million and the proceeds were added to the company&rsquo;s cash holdings.&nbsp;<\/p>\n<p>CEO Elon Musk stressed that the trade does not mean that Telsa has no faith in Bitcoin. Instead, Musk explained that the decision was born out of a need to strengthen the company&rsquo;s cash reserves as COVID-19 lockdowns in China tighten.&nbsp;<\/p>\n<p>Musk also said that Tesla could look to buy more BTC and increase crypto holdings in the future, but maintained that digital assets are not Tesla&rsquo;s main focus.<\/p>\n<h2>$1 Billion Bitcoin Sell-Off Is No Big Deal Say CZ<\/h2>\n<p>Following the news, concerns erupted on social media over what the move represents for the top crypto. Changpeng Zhao, CEO of Binance, responded to comments and said such a sale is &ldquo;a drop in the ocean&rdquo;.<\/p>\n<p>Up to $100 billion of #btc get traded every day. Someone selling $1 billion is a drop in the ocean. https:\/\/t.co\/jEY9dmLeb2<\/p>\n<p>BTC trades above $22,000 at press time despite a 4% dip in the last 24 hours.&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/07\/BTCUSDT_2022-07-21_14-23-10.png\"><br \/>\nSource: <a href=\"https:\/\/en.ethereumworldnews.com\/1-billion-bitcoin-teslas-binance-cz\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: 75% of the Bitcoin owned by<\/p>\n","protected":false},"author":3,"featured_media":160794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk&#039;s $1 Billion Bitcoin Sale From Tesla&#039;s Bag Is A Drop In The Ocean - Binance Chief CZ - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk&#039;s $1 Billion Bitcoin Sale From Tesla&#039;s Bag Is A Drop In The Ocean - Binance Chief CZ - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Summary: 75% of the Bitcoin owned by\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-21T15:06:12+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/07\/Elon-Musks-1-Billion-Bitcoin-Sale-From-Teslas-Bag-Is-A-Drop-In-The-Ocean-Binance-Chief-CZ-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/\",\"url\":\"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/\",\"name\":\"Elon Musk's $1 Billion Bitcoin Sale From Tesla's Bag Is A Drop In The Ocean - Binance Chief CZ - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2022-07-21T15:06:12+00:00\",\"dateModified\":\"2022-07-21T15:06:12+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/elon-musks-1-billion-bitcoin-sale-from-teslas-bag-is-a-drop-in-the-ocean-binance-chief-cz\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin\",\"item\":\"https:\/\/precoinnews.com\/category\/bitcoin\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Elon Musk&#8217;s $1 Billion Bitcoin Sale From Tesla&#8217;s Bag Is A Drop In The Ocean &#8211; 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