The news broke last night. Tesla, one of the companies holding the most Bitcoin in its own account, has sold off 75% of its holdings. A shock announcement for some, although it should be noted that these assets have already been sold on the market.
The potential effect on the price of Bitcoin will therefore be primarily psychological. Some will see this as a sign of Elon Musk's lack of confidence in the future of Bitcoin.
To be honest, I don't think that's the case. I think Tesla needed cash and decided to sell 75% of its Bitcoin at a loss to recover less than $1 billion ($936 million).
As always, a lack of patience leads you to make bad decisions with Bitcoin.
But in the end, it matters little to the Bitcoin revolution, which will continue its progress no matter what. What's most intriguing here is that Satoshi Nakamoto had already anticipated this when he designed Bitcoin.
Here is what he said, among other things:
"Bitcoin was designed to be protected from the influence of charismatic leaders, even if their name is Gavin Andresen, Barack Obama, or Satoshi Nakamoto."
If Satoshi Nakamoto designed Bitcoin, he is not more important than anyone else as he always said afterward. Bitcoin is above all a success because of its community. Its community of developers, but also of users.
Seeing Elon Musk buying Bitcoin with Tesla has brought Bitcoin into the public eye, but in the end, the fact that Elon Musk turns out to be among the weak hands does not change the future success of the Bitcoin revolution.
The only thing that matters is that the Bitcoin protocol stays true to its fundamentals by giving its users essential certainty in a world that is more uncertain than ever. The world is headed for an explosion of the current monetary and financial system, and Bitcoin will be your best insurance policy.
Why? Because Bitcoin is a unit of wealth that is not dependent on any government or central bank. Bitcoin gives you full power over the fruits of your labor as long as you have the associated private keys. And Elon Musk can't change that.
So no worries. It just goes to show that there is no need to put pseudo Bitcoiners on a pedestal, no matter who they are.