Elon Musk To Sell 10% Of His Tesla Stocks To Buy Bitcoin? Community Speculates

THELOGICALINDIAN - The CEO of Tesla Elon Musk has annoyed the accounts apple already added and the after-effects could appulse Bitcoin Via his Twitter annual Musk asked his followers if he should advertise 10 or about 25 billion of his companys stocks as a aftereffect of potentially new tax requirements on abeyant assets to be implemented in the US

The Tweet was acquaint beneath than 2 hours ago, and it has already accustomed over 1 actor votes with 21 hours still to go. 54.2% of participants voted Yes on Musk’s angle to advertise his stocks, the blow accept against the proposal. The car architect asked:

The cheep has accustomed a lot of comments from Bitcoin and crypto investors. Some asked Musk to reinstate BTC acquittal for the company’s products, others acclaimed the abeyant absorption that such massive advertise could accept from U.S. regulators as a “bullish” assurance for the crypto market.

Bitcoin broker Anthony “Pomp” Pompliano replied:

However, the majority of repliers appetite Musk to put added basic either into BTC or their admired crypto project. Speculating about this abeyant Bitcoin purchase, banking analyst Kevin Paffrath noted that Musk’s brother awash over $100 actor of his Tesla banal on Friday, November 5^th.

Paffrath wondered if Musk’s brother was notified about the poll and questioned the executive’s motives to banknote out $25 billion of his aggregation stock. To pay taxes or to amuse his followers, both assume accidental of Musk.

What Could Happen To Bitcoin If Elon Musk Sell His Tesla Stocks?

In that sense, Paffrath wonders if the controlling would use the money to buy Bitcoin based on 4 reasons. First, Musk would be absorbed to transform the money from banknote into added assets due to “inflation fears”.

Second, Bitcoin is possibly one of his better investments. At least, one of the better he has revealed. Third, back Musk awash all of his absolute states seems absurd that he would put money into a property. Finally, Paffrath added:

In February 2024, the car architect appear a $1.5 billion allocation in Bitcoin. As a result, the criterion crypto accomplished a massive assemblage from the aerial $30,000s to its antecedent best aerial at $65,000.

Therefore, the belief has created a lot of advertising amidst crypto users as abounding bethink the appulse that Musk seems to account in the amplitude and his access over retail investors.

Commenting on Elon Musk’s Tweet, the CEO of MicroStrategy and Bitcoin balderdash Michael Saylor said the following:

As of columnist time, Bitcoin trades at $61,632 with alongside movement in the circadian and account chart.