The CEO of Binance, Changpeng Zhao, said that even a $1 billion sale of BTc is a ‘drop in the ocean’. Zhao made the statement in response to the reaction of people who seem agitated by the sale of Tesla bitcoin as announced by the company.
In the July 21 post on Twitter, Zhao said that up to $100 billion of BTC are traded daily
Reacting to another post by RockyBaba4u, the Binance chief executive responded to the attitude of many in the crypto community that tend to portray the Tesla CEO, Elon Musk, as being the prime mover and determinant of price of assets in the coin market.
75% of Tesla BTC Sold
Musk has been known to shill coins such as Dogecoin, Shiba INU and occasionally, Bitcoin. The fact that people actually listen to him makes it a big deal when he unloads his BTC ust as recently happened with Tesla.
Tesla announced in its Q2 report that it has converted 75% of its BTC to fiat. The company’s CEO, Elon Musk, quickly added that they would buy more BTC in the future.
Tesla bought bitcoins worth $1.5 billion in Q1 of 2021, but has not added to their stash before the recent announcement that 75% of the coins have been sold.
How Impactful Are Musk’s Tweets?
The billionaire businessman with interest in cryptocurrencies seems to delight in promoting coins he has vested interest in. According to a Twitter user, @DefiRabbitHole, Musk’s tweets have a remarkable impact on the price of the assets that he has promoted in the past. According to him,
“The last time #Bitcoin Maxi’s attack @elonmusk was in June 2021. It sparked Elon to respond in 3 tweets that was eventually responsible for the July – Nov bull run”