SpaceX’s Aug. 18 Bitcoin writedown report sparked confusion in the crypto community. The report, published by the Wall Street Journal, has left many wondering whether SpaceX is holding $373 million worth of Bitcoin (BTC) to sell between 2021 and 2022, or if they have simply shed the same amount. Bitcoin exposure.
Multiple social media outlets reported that SpaceX had sold all of its BTC holdings, while others expressed uncertainty, saying they could not confirm the exact amount based on the wording of the report.
I actually read what the Wall Street Journal reported.I think @bitcoinmagazine wrong here
Yes, the report claims that SpaceX lowered the value of their bitcoins by $373 million (which doesn’t mean they sold $373 million by the way) and sold “some,” but selling some doesn’t necessarily mean they no more bitcoins pic.twitter.com/GSrOio7zku
— Pledditor (@Pledditor) August 17, 2023
Elon Musk revealed in 2021 that SpaceX holds Bitcoin on its balance sheet, as does Tesla. While Tesla’s bitcoin holdings are made public, SpaceX’s bitcoin holdings are not estimated in any way, which is key to the ongoing confusion. Tesla once held $1.5 billion worth of BTC purchased during the bull market, but revealed that it had sold 72% of its holdings in the second quarter of 2022.
SpaceX’s write-off claims were also cited as one of the key catalysts behind BTC’s $2,000 price drop, although several others denied it was a reason. Musk has yet to address this, but the FUD in the market has made him a target for Bitcoin supporters who question his strategy of buying high and selling low, while others question his strategy. is called It markets FUD.
Buy High, Sell Low – Elon Musk #bitcoin Dummies https://t.co/yBKsPdg59B
— Matt C⚡️ (@mithcoons) August 17, 2023
A Reddit user wrote All of Musk’s companies are running out of cash, suggesting that Musk may sell all his bitcoins and doggies “in the next 6 months.”
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Users on X (formerly known as Twitter) also accused Musk of being “paper hands,” a term for people who prematurely sell their bitcoin holdings. Others linked the BTC writedown to X’s ambitions to become a payments giant.
Musk appears to be #bitcoin and his Empire X.
I wish him all the best, even though I don’t think it’s wise. https://t.co/WFmOdVBh1E
— Dr. Jeff Ross (@VailshireCap) August 17, 2023
While the woes surrounding SpaceX’s BTC holdings continue, Bitcoin proponents advocate for traders to hold BTC and not get caught in market FUD.
@SpaceX did not sell their bitcoins, nor@elonmusk. Now sit back and relax, just some smart guys got 7+ million longs.Don’t use leverage, be patient, be fair #HODL.
— Lodewyck Berghuijs (@LodewyckBTC) August 18, 2023
At the time of writing, Bitcoin was priced at $26,433, breaking the $26,000 resistance level. The 9% drop in BTC prices overnight also led to a sharp downturn in the altcoin market, with top altcoins recording double-digit losses.
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