On Thursday evening, NIA sent out an alert entitled, 'Bitcoin CRASH has Begun' and in this alert NIA said, "We wonder if Elon Musk has secretly already sold his Bitcoin for a huge profit and was using Dogecoin as a distraction?!" Click here to read NIA's April 22nd alert!
When NIA openly speculated on Thursday evening that Musk may have secretly sold Tesla (TSLA)'s Bitcoin holdings, absolutely nobody in the mainstream media, on social media, or on any financial blog was in any way suggesting that this could even be a possibility. Michael Saylor the CEO of MicroStrategy (MSTR) who bragged in last week's epic Bitcoin vs. Gold debate against Frank Giustra that he was getting MSTR deeply into debt to buy more Bitcoin at $57,146 is somebody who has become so heavily tied to Bitcoin that he will never take profits and will "buy the dip" all the way down to $12,000 where he will likely be forced to liquidate at a huge loss!
Musk is the opposite of Saylor being that Musk is an absolute genius who has admitted on several occasions that "Bitcoin is BS" and he made it clear that he only invested $1.5 billion of Tesla's cash into BTC because the banks were paying Tesla nothing on their deposits! Musk knew for a fact that millions of sheep would blindly follow him into Bitcoin as soon as they found out that he parked $1.5 billion of Tesla's cash into it! We knew that Musk would be the very first to take profits as soon as he figured out that there were no sheep left on the sidelines!
Unfortunately for Musk, when he tried to sell his BTC he learned very quickly how illiquid the Crypto market truly is... with 95% of all volume being traded in fake unbacked Tether tokens! With Musk actually attempting to sell Tesla's Bitcoin through an OTC desk for real USD (not fake Tethers) it becomes very challenging to do so! Musk only found enough liquidity to sell 10% of his position and although he made a HUGE profit for Tesla on the tokens that he successfully sold... Musk is desperately trying to downplay his decision to sell so that the Bitcoin market doesn't completely crash before he unloads the other 90%!
Musk in response to a tweet from Dave Portnoy said, "I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet."
The funny thing about this is... Musk only personally owns 0.25 BTC worth about $13,000!
Musk is acting like he DIDN'T SELL but the only large BTC position of any value to him is Tesla's BTC position that Musk totally controls! The reason Musk is saying that Tesla sold 10% of its holdings to "prove liquidity" is because Musk learned first hand how poor Bitcoin's liquidity truly is!
By Musk saying what he said...he has calmed the sheep who followed him into Bitcoin so that they continue to HODL with diamond hands while Tesla is now clear to CONTINUE selling due to liquidity concerns! When Tesla is finally done selling they will explain how they had an obligation to shareholders to sell their BTC after realizing how terrible of a reserve asset Bitcoin truly is!