One thing’s obviously, Tesla’s CEO knows the way to generate headlines. The infamous Elon Musk was the talk about the town today, as news of his company selling 75% of their bitcoin hit the wires. The reactions go from clowning Musk to overanalyzing true and everything in between. What a fun day in crypto land.
What did the people write and the way did they tweet it? Let’s see.
Laughing At Tesla Or Laughing With Tesla?
Considering that at the best Tesla broke even on this trade, the net didn’t clown the corporate as hard because it should have. People gave the impression to respect Tesla’s right to try to to whatever they need with their coins. Let’s sit up for bitcoin’s price to pump before making a particular statement on this, though. within the meantime…
- MicroStrategy’s CEO Michael Saylor stated the apparent during a hilarious way – “If you sell 75% of your bitcoin, you’ll only have 25% of your bitcoin left.”
- Nat Brunell, host of Bitcoin Magazine’s “Hard Money” show, made a silly but effective pun – “You Musk not sell your Bitcoin”
- Crypto analyst Inmortal invoked millennial powers – “You are the richest man within the world and you panic sold $BTC at loss? Ok boomer.”
- Bitcoin Magazine showed us what happens “When you get high and sell low”
When you buy high and sell low pic.twitter.com/y5gSqyWqmc
— Bitcoin Magazine (@BitcoinMagazine) July 20, 2022
- The magazine’s editor, Pete Rizzo went back in time, “Elon Musk on Bitcoin exactly 1 year ago”
✨ Elon Musk on #Bitcoin exactly 1 year ago
— RIZZO (@pete_rizzo_) July 21, 2022
- Handre van Heerden showed us “How everyone reacted to Elon Musk’s paper hands.”
— Handre van Heerden (@Handrev) July 21, 2022
- National state adoption evangelist, Samson Mow clowned Tesla hard initially, “Buy high, sell low. Tesla showing us how it’s done!” Then, he changed his tune to something more correctness, “Almost everyone that sold this dip had no choice but to sell, and none of the explanations had anything to try to to with Bitcoin fundamentals. I’d say we’re on the way keep a copy and decoupling soon.”
Fundamental Analysis Of matters
Taking itself too seriously, the crypto industry went full Holmes on the Tesla situation. And thank God they did, because the analysts actually made some phenomenal and extremely interesting points. For example:
- Riding for Elon Musk, Binance’s CZ talked numbers – “Up to $100 billion of btc get traded on a daily basis. Someone selling $1 billion may be a drop by the ocean.” Interesting and better than expected numbers. And CZ should fathom this subject specifically.
- The Coin Bureau guy downplayed the case and its effect – ”It was only a matter of your time that we’d see this. The market has brushed it off though.”
It was only a matter of time that we would see this. The market has brushed it off though. pic.twitter.com/c2JQc4G8bc
— Coin Bureau (guy.eth) (@coinbureau) July 21, 2022
- LN Markets made a silly meme:
— LN Markets (@LNMarkets) July 21, 2022
- Professional trader MisterSpread stated the plain in a very funny way – “Seriously now, many thanks Elon for the large check you made Bitcoin undergo and showed the entire world that Bitcoin is money after Tesla bought and sold billions worth of it.”
- For his part, Bitcoin Lebowsky stated the facts– “The proven fact that Bitcoin continues to be at 23k after months of miners selling, Tesla selling, the Macro disaster and after all all of the continued FUD, is nothing wanting remarkable.”
- Trader and Arca’s CIO, Jeff Dorman broke it down – “If you’ve ever wondered whether or not trading bots control digital asset trading…keep in mind the complete digital asset market just fell on news that one company (Tesla) sold one asset (BTC) 1-3 months ago. ”
If you've ever wondered whether or not trading bots control digital asset trading…keep in mind the entire digital asset market just fell on news that one company (Tesla) sold one asset (BTC) 1-3 months ago.
Expect full retrace of this move quickly. https://t.co/cAX3rbGlwR
— Jeff Dorman, CFA (@jdorman81) July 20, 2022
- Swans’ Steven Lubka sees the brilliant side – “The Tesla news is bullish, now Elon can’t sell his Bitcoin again and it’s been purchased within the 20s by more reliable and fewer erratic actors.”
That’s one amongst the key takeaways, Tesla isn’t any longer during a position of power and Elon cannot easily manipulate bitcoin’s price anymore. Also, the network is liquid and may handle stress phenomenally. And it’s not controlled by trading bots. We learned all of that and more from a straightforward trade.