From Paper hands to Diamond hands
The crypto space is a funny place sometimes, when the News about Tesla selling off a considerable 75% of its Bitcoin stash in July 2022 to accumulate an extra $936 million in its cash reserves, the crypto space went wild and almost everyone was calling them paper hands and recent after the news about Tesla still holding their approximately 9,720 Bitcoins left after their last sell-off which is currently worth about $279.6 million, the crypto space is now on fire once again as Tesla is now being called a Diamond hand.
As shown by Tesla's Q3 2023 Update, Tesla's Bitcoin holds 9,720 Bitcoins and has not bought or sold any Bitcoin since 2022’s second quarter. In my opinion, It is good to know that Tesla is becoming a diamond hand once again based on what the crypto space is saying, it will be fun to also see that Tesla now accepts Bitcoin as a payment option now that will be a piece of good news. It's good and refreshing to see big corporations holding Bitcoin, like the likes of MicroStrategy that have been buying Bitcoin at any chance they get and have not even sold any since they started.
But to be very honest does anyone really care about Tesla being a Diamond hand or paper hand at this point in the crypto space, they can sell any day and it would not make any difference, Bitcoin Market Cap is currently worth $560 Billion, Tesla's $279.6 million would not cause that much damage if they decide to sell everything they currently hold but the hype if the sell off their Bitcoin holdings could cause a short-term dip or dump. But either way, it is a piece of great news for Tesla and Bitcoin enthusiasts Holding onto their Bitcoin shows Tesla's confidence in the future of cryptocurrency.
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