{"id":139237,"date":"2023-09-02T02:06:04","date_gmt":"2023-09-01T20:36:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=139237"},"modified":"2023-09-02T02:06:04","modified_gmt":"2023-09-01T20:36:04","slug":"spacex-bitcoin-write-down-sparks-confusion-bitcoiners-quiz-elon-musk-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/spacex-bitcoin-write-down-sparks-confusion-bitcoiners-quiz-elon-musk-crypto-news\/","title":{"rendered":"SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon Musk – Crypto News"},"content":{"rendered":"
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SpaceX\u2019s Bitcoin write-down<\/a> report on Aug. 18 sparked confusion among the crypto community. The report published in The Wall Street Journal puzzled many, who questioned whether SpaceX held $373 million worth of Bitcoin (BTC<\/a>) and sold it in 2021\u20132022 or whether they only reduced their Bitcoin exposure by the same amount.<\/p>\n

Several social media outlets reported that SpaceX had sold its entire BTC holdings, while others expressed uncertainty, claiming they were unable to confirm the amount based on the wording of the report. <\/p>\n

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I actually read the WSJ report. I think @BitcoinMagazine<\/a> is wrong here<\/p>\n

Yes, the report claims that SpaceX marked down the value of their bitcoin by 373m (btw, that doesn’t mean they SOLD 373m) and sold *some*, but selling some doesn’t necessarily mean they have no bitcoin left https:\/\/t.co\/rLgwA0N8Zi<\/a> pic.twitter.com\/GSrOio7zku<\/a><\/p>\n

\u2014 Pledditor (@Pledditor) August 17, 2023<\/a><\/p><\/blockquote>\n

Elon Musk revealed in 2021 that SpaceX\u00a0holds Bitcoin<\/a>, as does\u00a0Tesla, on its balance sheet. While Tesla\u2019s Bitcoin holdings were made public, there were no estimations around SpaceX\u2019s BTC holdings, which has been key to the ongoing confusion. Tesla once held $1.5 billion worth of BTC purchased during the bull market but revealed it had sold 72% of its holdings in Q2 2022<\/a>.<\/p>\n

The SpaceX write-off claims were also believed to be one of the key catalysts behind the $2,000 BTC price drop, although several others denied it being a cause. Musk hasn\u2019t addressed the issue yet, but the market FUD made him a target of Bitcoin proponents who questioned his strategy of buying high and selling low, while a few others called<\/a>\u00a0it market FUD.<\/p>\n

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Buy High & Sell Low – Elon Musk’s #Bitcoin<\/a> strategy for Dummies https:\/\/t.co\/yBKsPdg59B<\/a><\/p>\n

\u2014 Matt C\u26a1\ufe0f (@mithcoons) August 17, 2023<\/a><\/p><\/blockquote>\n

One Reddit user wrote<\/a>\u00a0that Musk is running out of cash across all his companies, suggesting that Musk might sell \u201call of his Bitcoin and doge within the next 6 months.\u201d<\/p>\n

Related: <\/em><\/strong>Elon\u2019s \u2018not afraid of blowing things up\u2019 \u2014 Ex-Twitter exec on working under Musk<\/em><\/strong><\/a><\/p>\n

Users on X (formerly known as Twitter) also called out Musk for his \u201cpaper hands,\u201d a term used for those who sell their BTC holdings prematurely. Others linked the BTC write-down to X\u2019s ambition of becoming a payment giant.<\/p>\n

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Musk appears to be going to toe-to-toe against #Bitcoin<\/a> with his X empire.<\/p>\n

I wish him well, although I don’t think this is wise. https:\/\/t.co\/WFmOdVBh1E<\/a><\/p>\n

\u2014 Dr. Jeff Ross (@VailshireCap) August 17, 2023<\/a><\/p><\/blockquote>\n

While the dilemma around SpaceX\u2019s BTC holdings continues, Bitcoin proponents advocated traders to hodl BTC and not fall for market FUD.<\/p>\n

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@SpaceX<\/a> didn’t sell its Bitcoin, and neither did@ElonMusk<\/a>. Now sit back and relax, just some intelligent guys getting 700+ million in longs. Don’t leverage, be patient and just #HODL<\/a>.<\/p>\n

\u2014 Lodewyck Berghuijs (@LodewyckBTC) August 18, 2023<\/a><\/p><\/blockquote>\n

Bitcoin\u2019s price was trading at $26,433 at the time of writing, having overcome the $26,000 resistance level. BTC\u2019s price decline of 9% last night also led to a sharp downturn in the altcoin market where top altcoins recorded a double-digit decline.<\/p>\n

Magazine: <\/em><\/strong>Simon Dixon on bankruptcies, Celsius and Elon Musk: Crypto Twitter Hall of Flame<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

SpaceX\u2019s Bitcoin write-down report on Aug. 18 sparked confusion among the crypto community. The report published in The Wall Street Journal puzzled many, who questioned whether SpaceX held $373 million worth of Bitcoin (BTC) and sold it in 2021\u20132022 or whether they only reduced their Bitcoin exposure by the same amount. Several social media outlets […]<\/p>\n","protected":false},"author":2,"featured_media":139238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-139237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139237"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139237\/revisions"}],"predecessor-version":[{"id":147797,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139237\/revisions\/147797"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139238"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}