Elon Musk Selling or Buying Bitcoin Doesn’t Mean Much, Says Binance CEO

Binance CEO CZ Zhao does not think anyone selling or buying Bitcoin can fundamentally impact the asset – even including Tesla CEO Elon Musk. To demonstrate his faith in the primary cryptocurrency, CZ said he is still holding most of the coins he bought when he just entered the industry.

On Tesla’s Bitcoin Dump

Commenting on Tesla offloading 75% of its bitcoin holdings, the Binance boss took it in a very light way, saying Elon Musk’s decision, whether selling or buying the asset, “does not mean much” because his move won’t change BTC’s fundamentals.

The Tesla CEO revealed the reasons behind the dump days ago, noting that the company needed funds for the freshly opened factories in the US and Germany, as well as a better cash flow to support its businesses in China, which were heavily impacted by the extended Covid-19 lockdown in Q2.

CZ – who once put forth $500 million to support Elon Musk’s ambition to acquire Twitter – added that no one knows precisely why Musk sold a large quantity of bitcoin, touting that the world’s richest man may need cash to buy Twitter in Q2.

Speaking on the ongoing contagion igniting consecutive fallouts, CZ clarified in an earlier interview with CNBC that Binance has “very minimal exposure” to collapsed lending firms like Celsius and Voyager. The exchange acted as neither their creditor nor debtor, he added.

When pressed if Binance had noticed the risks embedded in these firms a while ago, which explained why the exchange avoided them as much as possible, CZ replied:

“I think because we are dumb. We like to do things in a simple way… We are an exchange and that’s why we are not in the loan business.”

“I Don’t Sell Bitcoin”

When asked if he had sold any of his bitcoin positions amid the bear market, CZ said he had kept almost all of the “original ones” he bought at the beginning and only spent “less than a single percentage” of the accumulated stash.

Earlier last month, CZ claimed he has no fiat, and all he has is crypto – thus, it is the only asset he uses for purchases in life.

“For me, I don’t have dollars. Everything I have is in cryptos. So when I need to spend money, I need to spend some parts of it somewhere. For me, I’m all in cryptos. I don’t have to think about selling crypto. Crypto is my money.”