TRON head positively assesses Tesla's bitcoin sales

Justin Sun believes that this is a good signal to the market and more large companies will invest in the BTC in the future

21.07.2022 - 15:10

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2 min

What’s new? Justin Sun, CEO of blockchain platform TRON, positively assessed Tesla's sale of about 75% of its bitcoin holdings for a total of $936 million. According to him, this is a positive signal for the cryptocurrency market, which demonstrates the liquidity of BTC for all major corporations. Sun believes that more large companies will invest in the asset in the future. As of July 21, 14:30 UTC, BTC is trading at $22 483, having lost 6,28% overnight, according to Binance.

.@Tesla selling #BTC is great news for @Bitcoin! 1st, market no longer needs to worry about @Tesla selling #BTC which has been haunting us for a long time. 2nd, @Tesla selling nearly 1 BIL USD worth of #BTC shows the liquidity of @Bitcoin to all big corps.— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) July 21, 2022

Why did Tesla sell bitcoins? The head of the company, Elon Musk, attributed the sale of the cryptocurrency to a necessary increase in liquidity during the period of anti-covid restrictions in China. Musk noted that the company has not sold any Dogecoin, and added that Tesla is ready to invest in BTC in the future.

Earlier, Justin Sun said he was ready to spend up to $5 billion to help cryptocurrency companies affected during the market downturn. Sun said that many projects already turned to TRON for help. The company brought in an unnamed investment bank to advise on potential deals.

Tesla's unrealized losses from bitcoin investments in the second quarter of 2022 totaled $440 million. In February 2021, the company bought $1,5 billion worth of BTC, but as the asset fell, its investments lost significantly in value.

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