Elon Musk might have been too hasty while taking decisions about selling off all Bitcoin holdings
Bitcoin holdings are in short supply at Tesla after Elon sold BTC tokens worth billions, just days after the flagship cryptocurrency embarked on its recovery journey. Musk’s step spooked investors who returned to the market after leaving the system during the crypto market crash. Earlier, while reporting its earnings in Q2, the company said that it sold off its Bitcoin holdings, as an act that would help the world’s largest cryptocurrency to achieve mainstream recognition and a rapid surge in terms of value, amid the ongoing inflation.
However, Elon does not seem to be much bothered by the ongoing inflation. While speaking at Tesla’s 2022 Annual Meeting of Stockholders, Musk asserted that the United States recession would only be mild to moderate. But unfortunately, currently, after selling over 75% of its Bitcoin holdings, Tesla is experiencing an emergency economic situation, in which risk assets tend to thrive. Elon might have been too hasty to sell off its BTC tokens. In a recent QnA session, Musk denoted that the value of the commodities is going down, hinting toward the fact that inflation might have already reached its peak. To prove it, the Tesla CEO demonstrated his observation that almost all commodities that Tesla is getting attached to, will probably go down, and this trend will only reverse if the economy is past peak inflation.
Elon’s initiative to sell off Bitcoin shows that he believes Dogecoin has better prospects than BTC. But both Bitcoin and Dogecoin are immensely volatile digital assets and currently pose significant threats to all their investors. Musk has always been a staunch supporter of cryptocurrencies; one single tweet from his side distinctly impacts the cryptocurrencies that he talks about. Nevertheless, his recent speculations about BTC might have been wrong, and now it is probably making his company miss lucrative investment opportunities.
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