JAKARTA – Binance boss Changpeng Zhao or more familiarly called CZ recently shared his views regarding the Bitcoin sale by Elon Musk. CZ assesses that Musk's actions do not have much effect on Bitcoin.
Furthermore, CZ admits that he still owns most of the coins he bought in the early days of the crypto industry. According to him, anyone selling and buying crypto will not fundamentally affect the asset.
As is well known, the Tesla boss has sold around 75% of his Bitcoin holdings some time ago. The total sale of Bitcoin is worth Rp. 14 trillion.
Elon Musk himself is not without reason to sell Bitcoin. He noted that his electric car company needed cash to support new plants in the US and Germany.
Plus, Tesla needs good cash flow to support the company's business development in China after recovering from the impact of the Covid-19 lockdown.
However, the Binance boss revealed that no one knows exactly why Elon Musk sold most of his Bitcoins. He speculated that the Tesla boss needed the funds to buy Twitter in the second quarter of 2022.
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