\n
![](\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/32c745af-c827-4587-b48f-c1b505bb07eb.jpg\")
<\/p>\n
\n<\/p>\n
SpaceX’s Bitcoin write-down<\/a> report on Aug. 18\u00a0 sparked confusion among the crypto community. The report published in Wall Street Journal puzzled many, who questioned whether SpaceX held $373 million worth of Bitcoin and sold it in 2021-22 or whether they only reduced their Bitcoin exposure by the same amount.<\/p>\n Several social media outlets reported that SpaceX had sold its entire BTC holdings while others expressed uncertainty, claiming they were unable to confirm the amount based on the wording of the report. <\/p>\n I actually read the WSJ report. I think @BitcoinMagazine<\/a> is wrong here<\/p>\n Yes, the report claims that SpaceX marked down the value of their bitcoin by 373m (btw, that doesn’t mean they SOLD 373m) and sold *some*, but selling some doesn’t necessarily mean they have no bitcoin left https:\/\/t.co\/rLgwA0N8Zi<\/a> pic.twitter.com\/GSrOio7zku<\/a><\/p>\n \u2014 Pledditor (@Pledditor) August 17, 2023<\/a><\/p><\/blockquote>\n Elon Musk revealed in 2021 that SpaceX holds Bitcoin<\/a>, as does\u00a0Tesla, on their balance sheet. While Tesla\u2019s Bitcoin holdings were made public, there were no estimations around SpaceX\u2019s BTC holdings which has been key to the ongoing confusion. Tesla once held $1.5 billion worth of BTC purchased during the bull market, but revealed it sold 72% of its holdings in Q2 of 2022<\/a><\/p>\n The SpaceX write-off claims were also believed to be one of the key catalysts behind the $2000 BTC price drop, although several others denied it being a cause. Elon Musk hasn\u2019t addressed the issue yet, but the market FUD made him a target of Bitcoin proponents who questioned his strategy of buying high and selling low while a few others called <\/a>it a market FUD.<\/p>\n Buy High & Sell Low – Elon Musk’s #Bitcoin<\/a> strategy for Dummies https:\/\/t.co\/yBKsPdg59B<\/a><\/p>\n \u2014 Matt C⚡️ (@mithcoons) August 17, 2023<\/a><\/p><\/blockquote>\n One Reddit user wrote <\/a>that Musk is running out of cash across all his companies while suggesting that Musk might sell \u201call of his Bitcoin and doge within the next 6 months.\u201d<\/p>\n Related: <\/em><\/strong>Elon\u2019s \u2018not afraid of blowing things up\u2019 \u2014 ex-Twitter exec on working under Musk<\/em><\/strong><\/a><\/p>\n Users on X (formerly known as Twitter) also called out Elon for his \u201cpaper hands,\u201d a term used for those who sell their BTC holdings prematurely. Others linked the BTC write-down to X’s ambition of becoming a payment giant.<\/p>\n Musk appears to be going to toe-to-toe against #Bitcoin<\/a> with his X empire.<\/p>\n I wish him well, although I don’t think this is wise. https:\/\/t.co\/WFmOdVBh1E<\/a><\/p>\n \u2014 Dr. Jeff Ross (@VailshireCap) August 17, 2023<\/a><\/p><\/blockquote>\n While the dilemma around SpaceX\u2019s BTC holdings continues Bitcoin proponents advocated traders to HODL BTC and don\u2019t fall for market FUDs.<\/p>\n @SpaceX<\/a> didn’t sell its Bitcoin, and neither did@ElonMusk<\/a>. Now sit back and relax, just some intelligent guys getting 700+ million in longs. Don’t leverage, be patient and just #HODL<\/a>.<\/p>\n \u2014 Lodewyck Berghuijs (@LodewyckBTC) August 18, 2023<\/a><\/p><\/blockquote>\n Bitcoin price was trading at $26,433 at the time of writing, having overcome the $26,000 resistance. BTC price decline of 9% last night also led to a bloodbath in the altcoin market where top altcoins recorded a double-digit decline.<\/p>\n Magazine: <\/em><\/strong>Simon Dixon on bankruptcies, Celsius and Elon Musk: Crypto Twitter Hall of Flame<\/em><\/strong><\/a><\/p>\n<\/div>\n\n
\n
\n
\n