Cryptomich Claims Elon’s Bitcoin Dump Caused The Crypto Crash

---

You would think that the ECB’s rate rise (which was higher than expected) or Bitcoin’s flirtation with $24k would be making headlines. Instead of this, it was Tesla which presented reasonable results, but apparently decided to ditch (most of) its investment in Bitcoin.

In the beginning of last year, Bitcoin saw a 15% rise in a single day when Elon Musk announced that Tesla would purchase about $1.5 billion worth of the world’s biggest crypto coin in order to keep it on it’s books. The ‘Bitcoin maxis’, the group of crypto fans with a large social media following, cheered him on as they expected other Wall Street listed companies to follow suit.

Elon Musk apparently isn’t trying to hodl Tesla’s #Bitcoin during crypto winter. Tesla dumped 75% of its Bitcoin holdings in Q2. Comp appears to have lost ~$150mn on its bet in cryptocurrency since 2021 purchase, selling coins for $963mln. value of remaining digital assets $218mn pic.twitter.com/pDfUsq6Rm1

— Holger Zschaepitz (@Schuldensuehner) July 20, 2022

When Tesla announced it’s second quarter earnings, it was made clear that Elon had ordered his company to sell 75% of the Bitcoins they owned, this time at a loss. Cryptofans are clearly not amused.

Famed Dutch analyst Michael Van de Poppe even claimed that Elon’s selling (partly) caused the crash of 2022, stating:

So, not only forced selling from 3AC, $LUNA & $UST, but also Voyager, BlockFi and Celsius have been causing the markets to crash. On top of that, Tesla did sell 75% of their Bitcoin purchases towards cash. That’s what caused the crash.

In the official cash flow statements & earnings.

Earnings were partially pushed further upwards from $TSLA due to the earnings from #Bitcoin.

This means that their cash flow were probably going to be negative without the earnings on $BTC. pic.twitter.com/yo1HXw8VbB

— Michaël van de Poppe (@CryptoMichNL) July 20, 2022

However, Michael also sees light at the end of the tunnel, continuing with:

That’s also why we’re close to bottom.

So, not only forced selling from 3AC, $LUNA & $UST, but also Voyager, BlockFi and Celsius have been causing the markets to crash.

On top of that, Tesla did sell 75% of their #Bitcoin purchases towards cash.

That’s what caused the crash.

That’s also why we’re close to bottom.

— Michaël van de Poppe (@CryptoMichNL) July 20, 2022

Musk fangirls Dogecoin

Elon meanwhile, in typical fashion, either tried to distract his 100 million followers or simply didn’t care. He cheered on Dogecoin creator Billy Markus for providing an update to the biggest memecoin out there.

Upgrades!

— Elon Musk (@elonmusk) July 21, 2022

Perhaps we’ll hear at the end of Q3 how Tesla is now investing $1 billion into Dogecoin instead.

InkDropCreative / Depositphotos.com