Confusion in the crypto community
A recent report published in the Wall Street Journal by SpaceX has left many in the crypto community scratching their heads. The report stated that SpaceX had written down the value of its Bitcoin holdings by $373 million, but it was unclear whether the company had actually sold off its entire BTC holdings or simply reduced its exposure by that amount. This has led to widespread confusion and speculation among Bitcoin enthusiasts.
Various social media outlets have shared conflicting information, with some claiming that SpaceX has indeed sold all of its Bitcoin, while others remain uncertain due to the unclear wording of the report. One Twitter user attempted to clarify the situation, stating that while SpaceX may have sold some of its Bitcoin, it does not necessarily mean the company has no Bitcoin left.
Elon Musk's involvement adds to the confusion
Adding to the confusion is the fact that Elon Musk, the CEO of SpaceX and Tesla, has in the past revealed that both companies hold Bitcoin on their balance sheets. While Tesla's Bitcoin holdings have been made public, the exact amount held by SpaceX remains unknown. This lack of transparency has contributed to the ongoing confusion surrounding the write-down report.
Tesla, which once held $1.5 billion worth of Bitcoin, announced that it sold 72% of its holdings in the second quarter of 2022. Many believed that SpaceX's write-off was a significant factor in the recent $2000 drop in Bitcoin's price, although some have disputed this claim.
Elon Musk has yet to address the issue publicly, but his silence has not stopped Bitcoin proponents from questioning his strategy and criticizing him for "selling low." Some even speculated that Musk may sell off all of his Bitcoin and dogecoin holdings within the next six months due to financial difficulties across his various companies.
With the ambiguity surrounding SpaceX's Bitcoin holdings and Musk's involvement, many users on social media have taken the opportunity to both criticize and question his decisions. Some have accused him of having "paper hands" and selling off his BTC holdings prematurely. Others have linked the Bitcoin write-down to SpaceX's ambitions of becoming a payment giant.
The call to HODL BTC
Despite the confusion and speculation, Bitcoin proponents are urging traders to remain calm and not succumb to market fears. They advocate for "HODLing" BTC, a term used to encourage holding onto Bitcoin for the long term rather than selling during market downturns.
At the time of writing, Bitcoin's price was trading at $26,433, having overcome the $26,000 resistance level. It's worth noting that Bitcoin's price decline last night resulted in a double-digit decline for many top altcoins, causing widespread upheaval in the altcoin market.
