SpaceX Bitcoin write-down sparks confusion, Bitcoiners quiz Elon Musk

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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.

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.

One Reddit user wrote that Musk is running out of cash across all his companies while suggesting that Musk might sell “all of his Bitcoin and doge within the next 6 months.”

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Users on X (formerly known as Twitter) also called out Elon for his “paper hands,” a term used for those who sell their BTC holdings prematurely. Others linked the BTC write-down to X’s ambition of becoming a payment giant.

While the dilemma around SpaceX’s BTC holdings continues Bitcoin proponents advocated traders to HODL BTC and don’t fall for market FUDs.

Bitcoin price was trading at $26,433 at the time of writing, having overcome the $26,000 resistance. BTC price decline of 9% last night also led to a bloodbath in the altcoin market where top altcoins recorded a double-digit decline.

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