Binance CEO CZ says Musk Selling Bitcoin Changes Nothing

Binance CEO CZ Zhao does not think anyone selling or buying Bitcoin can fundamentally influence the asset (referring to Tesla CEO Elon Musk’s recent sale). To affirm his faith in the primary cryptocurrency, CZ stated he is still keeping most of the coins he bought when he just joined the industry.

CZ On Tesla’s Bitcoin Dump


Commenting on Tesla off-loading 75% of its bitcoin holdings, the Binance CEO took it in a very light way, expressing that Elon Musk’s decision, whether selling or buying the asset, “does not mean much” reasoning his move won’t change BTC’s fundamentals.

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

CZ who once set forth $500 million to back Elon Musk’s ambition to acquire Twitter added that no one knows exactly why Musk sold a considerable quantity of bitcoin, emphasizing that the world’s richest man may need cash to acquire Twitter in Q2.

Talking about the ongoing contagion igniting successive fallouts, CZ explained in an interview an earlier interview that Binance has “very minimal exposure” to crumpled lending firms like Celsius and Voyager. The exchange served as neither their creditor nor debtor.

When asked if Binance had witnessed the risks embedded in these firms a while ago, which explained why the exchange dodged them as much as possible, CZ responded:

“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.”

Also read, Elon Musk considers Twitter as platform for crypto payments

CZ- “I Don’t Sell Bitcoin”

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

Last month, CZ claimed that he has no fiat currency, and all he has is crypto, and, it is the only asset he utilizes for purchases in life. He mentions that he doesn’t have dollars, and everything he has is in cryptos. So when he needs to spend money, he spends some parts of it somewhere. He also adds that he is all in with cryptos and doesn’t think about selling them saying Crypto is his money.

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