Bitcoin price jumped to $24k for the first time in 2023 after Elon Musk-owned SpaceX sold all its $373 million worth of holdings in BTC. This is one of the biggest dump in Bitcoin’s price since 2022. Because of this mega dump, there is a panic situation in the market and a rising fear of selling in altcoins. Now is the time to the moment of truth to decide whether to buy Bitcoin now or wait for a further drop.
Space X holding of Bitcoin
SpaceX, the space company led by Elon Musk, reportedly reduced the recorded worth of its Bitcoin holdings by a combined sum of $373 million over the previous year and 2021. The Wall Street Journal, drawing from documents that offered a rare glimpse into the company’s financials, conveyed this information on Thursday. Additionally, the publication noted that SpaceX had engaged in the sale of Bitcoin, although the exact quantity and timing of these transactions were not disclosed.
While discussing matters in 2021, Elon Musk indicated that SpaceX possessed Bitcoin; however, the precise amount remained undisclosed due to the company’s private status.
Why did Elon Musk sell his Bitcoin?
If there have been recent reports about Elon Musk selling his bitcoins, the reasons could vary widely. People often sell bitcoins and other cryptocurrencies for various reasons, such as:
Profit-Taking: Cryptocurrencies can be highly volatile, and individuals might sell their holdings to lock in profits if they believe the value has appreciated significantly.
Strategic Moves: Business leaders like Musk often have strategic reasons for their financial decisions. Selling bitcoins might align with his overall business plans or investment strategies.
Liquidity Needs: Personal or business financial needs might lead to selling assets, including cryptocurrencies, to raise funds.
Diversification: Maintaining a diverse portfolio can be a strategy to manage risk. If Musk felt that he was too heavily invested in cryptocurrencies, he might choose to sell some to diversify his holdings.
Changing Views: Opinions about the long-term potential of cryptocurrencies can change. If Musk’s views about the future of Bitcoin changed, he might decide to sell his holdings.
Regulatory or Legal Factors: Regulatory changes or legal considerations can influence decisions to buy or sell cryptocurrencies.
Market Developments: Major events or developments in the cryptocurrency space, such as security breaches, regulatory shifts, or technological changes, can impact decisions to hold or sell cryptocurrencies.
Time to Buy this dip on Bitcoin
However, there is still a probability of a further drop in the price of Bitcoin. Waiting for lower prices to buy is also a sane decision. Investors can also start DCA from this price in Bitcoin.