Twitter is filled with fury about Tesla selling 10% of their Bitcoin holdings, and people are feeling let down by Elon. They shouldn’t be, though. Elon isn’t essential to Bitcoin, and in the end, most investors would have sold at least some of their holdings.
Elon hasn’t been bad for Bitcoin, in fact, he’s been great. He tweets endlessly about it. Giving it some much-needed attention. He’s like a Bitcoin promo girl going out there and enticing the punters to come in and buy.
It all started with a silly meme (I wouldn’t expect anything else from the meme king).
Since then he’s continued his pro bitcoin marketing, adding Bitcoin to his Twitter bio, more and more tweets on the topic. He put his money where his mouth is when Tesla purchased $1.5 billion in Bitcoin. Now the price has soared, but should we give Elon credit for this?
For Dogecoin yes, he’s single-handedly pumped that shitcoin to the moon. In all likelihood, it will continue to make insane gains, just because the Martian king says he likes it. Before it crashes all the way back down to earth. Don’t be the last guy holding that bag. If you haven’t at least secured break even on Doge, your insane.
For Bitcoin, no. There are so many billionaire investors and companies now holding Bitcoin that there is no need for everyone to keep pinning all their hopes on Elon.
Wealthy Bitcoin investors
All these people are super rich and own Bitcoin. Some are celebrities.
- Michael SaylorMicro Strategy
- Paris Hilton
- Barry Silbert
- Mark Cuban
- Dan Morehead
- Tyler ve Cameron Winklevoss
- Floyd Mayweather Jr.
- Michael Novogratz
- Jack Dorsey
- Jay z
- Mike Tyson
It’s not these people who make Bitcoin so exciting. The prospect of the rich getting richer doesn’t thrill me much. It’s not the legacy that the industry should have.
When Bitcoin helps people in countries with hyperinflation or enables people to send money to their family easily or just helps a regular person save money and see awesome profits. These are the things that make Bitcoin revolutionary.
Call me an idealist, but I actually preferred the entire premise of Bitcoin before billionaires dominated it.
I know there have been whales for years, but it seems big money saturated now. Every week I hear about another Billion dollar purchase of cryptocurrency.
These tycoons are useful to Bitcoin and increasing its price to new all-time highs. They are also beneficial in promoting mass adoption. If Bitcoin is ever to be used by the masses as a store of wealth, or perhaps even a currency (this is another story).
Most investors will sell
Don’t be fooled by the rhetoric of the likes of Saylor, who like others claim they will never sell their Bitcoin and believe there will be no more bear markets. Maybe Saylor won’t sell, but many wills, and for good reason.
Another bear market is still exceedingly likely. Most investors can’t stomach an 80 to 90% drawdown, and why should they when they can just realize profits and buy back in at a more optimal time.
Mr. Musk responded to all this upset on Twitter about Tesla selling 10% of its holdings.
Why would Tesla need to prove liquidity if they didn’t intend to sell significant amounts of their portfolio at some point? Perhaps at some point soon?
When so many expect a bear market again, why would these shrewd businessmen hold through that? What will it do to Tesla stock?
Personally, I’ve always believed that these guys will sell some time in Q4, some won’t because their buy-ins are so good, but many will want to realize those profits before the looming bear market comes to fruition.
That’s why it’s super important to take everything that the Saylor’s of the world say with a pinch of salt.
Remember, they are in an ideal financial situation, Elon is the richest person in the world (or is it Bezos today?) and the rest are all crazy wealthy.
These people don’t have the financial concerns that others have, if they choose to not make any profit and Bitcoin drops, it’s of little consequence to them. They need not worry and simply wait for the next bull run, they will probably just buy more.
The rest of us, myself included, can’t afford to take profits.
Time will tell in the end.
Interested in more Bitcoin reading? Check out the piece below. I tell you all the things I wish someone had told me about Bitcoin.
Things I Wish I Knew Before Buying Bitcoin | by Delilah Brass | ILLUMINATION | Apr, 2021 | Medium
Sizce? Does Bitcoin need Elon? Bilmeme izin ver.
YASAL UYARI
Ben mali müşavir değilim. Bu finansal tavsiye değil. This article is for educational and entertainment purposes only. The information in this article does not constitute or intended to be investment, financial, trading, or any other advice. The information in this article is general and in no way specific to you or any reader. Before making any financial decisions, be it an investment, trade, or otherwise always consult with a registered professional or financial advisor.
Mayıs 2021
Delilah Pirinç
Coinsmart. Europa İçindeki En İyi Bitcoin-Börse
Source: https://medium.com/illumination/bitcoin-doesnt-need-elon-musk-8380e558b6c2?source=rss——-8—————–cryptocurrency
