According to Elon himself, it was all about demonstrating bitcoin’s liquidity.
This episode is sponsored by Nexo.io and NEAR.org.
Yesterday Bitcoin Twitter reacted in horror upon discovering that Tesla had sold 10% of its bitcoin. Elon has paper hands! Institutions will abandon us! The horror and scorn ran far and wide.
On today’s episode, NLW argues that:
- The sales proved to Tesla that bitcoin has deep liquidity
- That the combination of store of value plus upside plus liquidity makes bitcoin uniquely valuable as a treasury asset
See also: Elon Musk’s Tesla Sold Bitcoin in Q1 for Proceeds of $272M
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