Binance CEO: Elon Musk’s sale of 75% of bitcoins is not important

Binance CEO Changpeng Zhao does not believe that anyone selling or buying bitcoin can significantly affect the asset, including Tesla CEO Elon Musk. To demonstrate his belief in the No. 1 cryptocurrency, Zhao added that he still holds most of the coins he bought when he first entered the industry.

Commenting on Tesla’s sale of 75% of its bitcoin assets, the Binance boss said that Elon Musk’s decision to sell or buy an asset «doesn't matter much.» Zhao added that he has transferred no more than 1% of his crypto investments to fiat money.

Tesla’s CEO revealed the reasons for the sale a few days ago, noting that the company needed funds for newly opened factories in the US and Germany, as well as cash flow to support their business in China.