SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon Musk
SpaceX's Bitcoin write-down report on Aug. 18 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.
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.
I actually read the WSJ report. I think @BitcoinMagazine is wrong hereYes, 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 pic.twitter.com/GSrOio7zku
Elon Musk revealed in 2021 that SpaceX holds Bitcoin, as does Tesla, on their balance sheet. While Tesla’s Bitcoin holdings were made public, there were no estimations around SpaceX’s 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
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’t 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 it a market FUD.
Buy High & Sell Low - Elon Musk's #Bitcoin strategy for Dummies https://t.co/yBKsPdg59B
One Reddit user wrote that Musk is running out of cash across all his companies while
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