Tesla announced in their 2022 Q2 Tesla Quarterly Update they had sold 75% of their bitcoin holdings.
As of the end of Q2, we have converted approximately 75% of our Bitcoin purchases into fiat currency. Conversions in Q2
added $936M of cash to our balance sheet.
You can find the statement in the screenshot below from documents provided in Tesla's Quarterly Update.
This move by Tesla as a company shouldn't be a reason to panic, tesla is just one company holding bitcoin on its balance sheet. Though the bitcoin community, call them "maxis" are calling Elon Musk the company's CEO a paper hand, you name it. I think Tesla's move as a company does not solely depend on Elon Musk and it's a disdain thought by the bitcoin community which likely doesn't translate to the norms of freedom if Tesla's announcement depended much on him.
This move as a company to my knowledge is meant to increase cash flow on their balance sheet. But, why couldn't Tesla treat bitcoin as an asset by doing the Micheal Saylor Strategy that is: borrow cash against their bitcoin holdings.
It is clearly stated in the Q2 update that bitcoin as an item impacted Tesla's operating income alongside other items. This is a clear indication that bitcoin possesses value, the reason why individuals should opt for bitcoin.
Contrary to the sale, Elon Musk said Tesla will resume bitcoin payments when mining is ~50% sustainable. The Bitcoin Mining Council provided data that Bitcoin mining has a 59.5% sustainability on energy resources.
But Tesla doesn't need to be there for bitcoin though, bitcoin is freedom money and whoever adopts it knows the benefits of bitcoin for the future.
We still can acknowledge Tesla is holding 25% of their bitcoin since the sale indicated a 75% exchange for fiat currency.
Alongside the news of Tesla exchanging their bitcoin for fiat, the cryptoverse in Korea is still under investigation since the collapse of the Terraform Labs. Several cryptocurrency exchanges have been raided in the last 24 hours by the South Korean Authorities in essence to settle the fraud case against the collapse of the algorithmic stablecoin terraUST and Luna. A report by aljazeera.com explained.
One event reported by Bitcoin Magazine
The Chinese government is protecting banks with tanks from people after declaring they can't withdraw their money.
A video is seen with tanks protecting banks since customers cannot withdraw their money as banks declared.
Limiting access to your bank account by authorities is usual and this is one of the problems bitcoin is solving, which is that of self-custody.
Freedom is expressed in many forms, as a sole human being finding ways to express your freedom should be the ultimate goal for humankind. Face it and fight for it, maybe you're helping build the future generation.
Anon! no matter how wild crypto goes with collapse and massive sales ongoing, always revisit your investment goals and adjust them to fit your portfolio.
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