Elon selling Bitcoin is a Good Thing! BTC doesn’t rely on Trustless Investors

Binance CEO CZ Zhao does not think anyone selling or buying Bitcoin can fundamentally impact the asset

Recently, Tech giant Tesla revealed it has sold the majority of its bitcoin: "We have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2 added US$936M of cash to our balance sheet." In a subsequent earnings call, Elon Musk explained the sell-off was related to ongoing COVID lockdowns in China, the world's biggest car market and also where many Tesla vehicles are manufactured.

"The reason we sold a bunch of our bitcoin holdings is we were uncertain as to when the covid lockdowns in China would alleviate, so it was important for us to maximize our cash position given the uncertainty," Elon Musk said. "We are certainly open to increasing our BTC holdings in the future, so this should not be taken as some verdict of bitcoin."

Binance CEO CZ Zhao does not think anyone selling or buying Bitcoin can fundamentally impact the asset – even including Tesla CEO Elon Musk. To demonstrate his faith in the primary cryptocurrency, CZ said he is still holding most of the coins he bought when he just entered the industry.

Who needs Elon Musk when you have Athletes in your support?

Despite the downturn in the crypto markets where once high-flying companies are going bankrupt, and the pockets of individual retail participants are hurting, more professional athletes are converting their salaries into bitcoin (BTC).

This past week, Brazilian UFC fighter Luana Pinheiro, who has a 10-1-0 record, started collaborating with Bitwage, a company long known for its crypto payroll service, to convert portions of her salary into bitcoin.

Meanwhile, the New York Yankees recently partnered with NYDIG, a New York-based bitcoin startup, to offer its employees, including players, concession workers, and accountants, bitcoin as compensation.