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SpaceX’s Bitcoin loss report on August 18th has caused confusion among the crypto community. The report revealed that SpaceX had $373 million worth of Bitcoin and raised questions about whether they sold Bitcoin in 2021-22 or only reduced the Bitcoin risk by the same amount, surprising many people.
SpaceX Uncertainty Continues
While some social media organizations reported that SpaceX sold all their BTC assets, others claimed that they couldn’t verify the amount of Bitcoin held based on the report, expressing uncertainty.
Elon Musk announced in 2021 that SpaceX, like Tesla, held Bitcoin on its balance sheet. While Tesla’s Bitcoin holdings were disclosed to the public, no predictions were made about SpaceX’s BTC holdings, which became the key to ongoing confusion. Tesla once had $1.5 billion worth of BTC purchased during the bull market, but announced that it sold 72% of its holdings in the second quarter of 2022.
BTC Drop Considered as FUD
The claims of SpaceX’s losses were believed to be one of the main reasons behind the $2000 drop in BTC price, but several investors denied the allegations of SpaceX selling Bitcoin. Elon Musk has not addressed the issue yet, but the market’s FUD made him a target of Bitcoin advocates questioning his high buying and low selling strategy, and many investors referred to it as a market FUD.
A Reddit user wrote that Musk’s cash reserves were running out in all his companies and claimed that Musk could sell all his Bitcoin and DOGE assets within the next 6 months. On Twitter, some users addressed Elon with the term “paper hands,” used for those who sell their BTC holdings prematurely. Many investors attributed the drop in BTC to Twitter’s ambition to become a payment giant.
While the dilemma regarding SpaceX’s BTC holdings continues, Bitcoin advocates urged investors to “HODL” BTC and not fall for market FUD.
At the time of writing, the Bitcoin price was trading at $27,101 after surpassing the $26,000 resistance. The 9% drop in BTC price last night also caused significant losses in the altcoin market, with several top altcoins experiencing double-digit declines.
