According to Elon himself, it was all about demonstrating bitcoin’s liquidity.
Yesterday Bitcoin Twitter reacted in horror upon discovering that Tesla had sold 10% of its bitcoin. Elon has paper hands! Institutions will abandon us! The horror and scorn ran far and wide.
On today’s episode, NLW argues that:
- The sales proved to Tesla that bitcoin has deep liquidity
- That the combination of store of value plus upside plus liquidity makes bitcoin uniquely valuable as a treasury asset
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