Justin Sun: It’s ‘Great News’ Elon Musk Sold Tesla’s Bitcoin

Key facts:
  • The sale made by Tesla is a sign of the liquidity that bitcoin provides, says Sun.

  • Tesla sold 75% of its bitcoin due to COVID-19 and China bans.

Justin Sun, leading developer of the Tron network, spoke about the recent sale of bitcoins (BTC) carried out by Tesla, the company of billionaire Elon Musk.

In Sun’s opinion, that Musk has sold his company’s bitcoins is “great news” for the Bitcoin ecosystem, since the market from now on should not worry about what Tesla does With those funds commented through his personal Twitter account.

Sun seems to be referring to some influence that Musk could have on the price of bitcoindue to the constant changes of position that the businessman had on the digital asset.

It should be remembered that Tesla not only adopted bitcoin and added it to the company’s balance sheets. In May 2021, the accepted as payment method for its electric vehicles, but seven weeks later it retracted and that caused a fall in the price of BTC. At that time, bitcoin presented a decline of 11% in just 24 hours, fact reported by CriptoNoticias.

Justin Sun, founder of Tron, valued as positive the sale of bitcoin made by Elon Musk’s Tesla, because it removes uncertainty from the market. Font: Screenshot/ YouTube

Musk claimed that the bitcoin mining negatively impacted the environment. However, scientific studies confirm that the process for validating transactions and issuing new currencies is based on renewable energies.

Another aspect that Sun considers positive about what Musk has done is that it shows the liquidity that digital assets can provide to businesses. “We believe that more large companies will buy in the future. Congratulations to Elon Musk”, added the also founder of the BitTorrent File System.

Sun’s reaction arises, after Tesla announced yesterday, the sale of 75% of their holdings in bitcoin during the second quarter of 2022, for a total of USD 936 million. The uncertainty caused by COVID-19, as well as China’s bans, were the motivation for making that decision, Musk argued, as reported CryptoNews.

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Justin Sun: It’s ‘Great News’ Elon Musk Sold Tesla’s Bitcoin