Bear market makes another dump.. Tesla cashes out

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Well, its no surprise to be honest this bear market has really made everyone think twice.. the Super highs we had was cashes out that it was missed that it should not and will not last forever or at least a longer time.. New floor makes new big pockets some are selling while many are stacking.

We all remember Tesla After making big plays in Bitcoin in 2021, Tesla dumped $936 million worth of BTC cutting the value of its holdings by 75% that's some wild numbers.

One of many reasons why btc and all other coins pumped mad numbers.. Tesla also stated they would accept btc to purchase Their vehicles. But soon after, Tesla suspended its Bitcoin vehicle sales in May of 2021, "citing the environmental impact from the extensive use of coal and other fossil fuels to mine the cryptocurrency".

BTC mining uses a lot of resources and is damaging to the environment... as if Battery making is any cleaner...
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Tesla is just one of those investors, albeit one with massive resources and a CEO who can move markets with a tweet.

One Bitcoin was valued at more than $24,000 on Wednesday night, before Tesla company revealed its selloff. As of Thursday morning, its value had fallen well below the $23,000 mark. Musk and his mighty tweet.. can move markets.. giving the finger to the SEC..

This bear market is killer and it seems like it wont stop just yet..
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Crypto Market Is Worth $1 Trillion Again. Even as Tesla's massive Sell Out..

Be strong and DCA all day every day.. if you can. this is your time to gather..

Posted Using LeoFinance Beta



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As Tesla "cashes out" their BTC everyone needs to remember: it's not a cash out, it's a sale.

And a sale means someone else bought it and now holds it. BTC is only worth what it is worth due to what people are willing to pay for it.

Once enough people sell at the low prices, those that hold it will create a harder market where less BTC is available to buy.

Easily said by me who does not have BTC to sell lol. But the same goes with HIVE, LEO, SPS and all the rest that are affected by BTC movements.

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Elon Musk and Tesla can only influence price with their sell off of 75%. They cannot bring an end to crypto or dump it any further. Crypto is bigger than Musk. Bitcoin has been doing fine before they bought in 2021. Even if Tesla sells its remaining 25% it can only create fear in a short term.

Crypto is bigger than Tesla, bigger than Musk.

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It's just an accounting trick by Tesla for their earnings report so I am not surprised that they sold BTC. After all, I am sure Elon cares more about Tesla than BTC.

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