Binance CEO Changpeng Zhao stated that the news regarding Tesla’s Bitcoin sale would not fundamentally affect the asset’s price. Along with this statement, he stated that most of the crypto he owned from the first time he learned and understood crypto, he had never sold.
Binance CEO Comments on Tesla’s Bitcoin Sale
It is reported that Tesla has just sold 75% of all Bitcoins it owns due to the company’s production needs. With this news, many investors are worried about the impact of a significant negative movement.
However, the CEO of Binance stated that it won’t be as bad as many people think. Changpeng Zhao or commonly referred to as CZ stated that the sale of Bitcoin from Tesla would not have a major impact on the asset fundamentally.
Tesla CEO, Elon Musk, stated that the sale of Bitcoin is to fund the opening of new factories in America and Germany, as well as to support his company’s funds in China which have been significantly affected by Covid-19. So it appears that this sale is not a way to push the price of Bitcoin further down or Tesla’s distrust of Bitcoin, supporting CZ’s argument that fundamentally, Bitcoin will not change.
CZ also responded to Elon Musk’s statement regarding Tesla’s Bitcoin sale. He stated that no one knows for sure why Elon Musk sold Tesla’s Bitcoin. CZ also speculates that this sale has something to do with funding needs related to Elon Musk’s purchase of Twitter. All of these statements he made in an interview with CNBC, where he also provided information regarding the current state of Binance.
Binance Still Safe
In the interview, CZ also provided information regarding the safety of Binance’s funds to date, among the many companies that went bankrupt. He stated that Binance has very minimal cooperation with troubled companies such as Celsius and Voyager, so its finances are still safe.
The cooperation in question is limited to fund management services and CZ stated that Binance is not a creditor or lender at all to these companies. “Because we are stupid, we like the easy, we are an investment platform, so we don’t lend money to other companies.” CZ said.
Furthermore, CZ also stated that he still keeps the majority of the crypto he owns even though the market is moving negatively. He also stated that currently he personally does not have large amounts of fiat money in his savings as the majority is crypto.
“I personally don’t have Dollars. Everything I own is stored in crypto. So when I want to spend money, I will use some of it with crypto. I completely believe in crypto and would not think about selling crypto. Crypto is money. CZ said
The statement indicates that he still believes in the long-term potential of crypto. Given his past, this is only natural as he was one of the early individuals to believe in crypto.
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