Everyone is seemingly making money in DeFi, but getting started and working through the space can cause a massive headache. Matcha makes it ridiculously easy to create a wallet, onboard new users, execute trades, and source liquidity in DeFi. It’s cheaper than Uniswap and delivers better prices by aggregating all of the available liquidity and routing to the best source. When I use Matcha, I typically use their high-level trading features like limit orders, liquidity depth visualization, gas efficiency, and more. You can sign up RIGHT HERE to check it out. Tesla sold some Bitcoin and the crypto community is, once again, angry about someone else's financial decisions that have nothing to do with them. People (and companies) can do what they please - it is a free market. For a group of self-proclaimed libertarians, freedom lovers and rugged individualists, it seems nothing gets us more upset then someone else making money.This news shouldn’t come as a shocker - corporations, institutions, and investment funds are profit-driven, not bound to a “diamond hands” philosophy. It’s not like Tesla sold all of their Bitcoin. They initially purchased $1.5B worth in February of this year which appreciated massively, and in Q1 he sold $227M, a fraction of the total value, representing less than 10% of their current holdings. Companies do not typically add assets to the balance sheet with no intention of ever selling, as the goal of any successful business is to churn a profit. Bitcoin proved a success here, and was used to pad the stats of a successful quarter. Bitcoin was primarily used as a store of value but also able to assist the company. In a tweet response to criticism from Dave Portnoy, king of Spaghetti Hands, Musk said this - "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."Bitcoin was proven liquid enough for Tesla to continue holding and accepting as a payment rail. Further, reading deeper into this statement, we have confirmation that Musk himself owns Bitcoin. That has never been clarified.From a macro perspective, this should come as a wakeup call for everyone that assumed institutions would never sell their stack. Musk, unlike Saylor, is a much better representation of what should be expected for the incoming wave of corporate interest. Taking this a step further, this is evidence that institutions will probably look to sell through the bull market, causing another cycle. Many have speculated that institutions won’t sell and there will be a higher Bitcoin price floor, but this may not entirely be the case.Back in February, I wrote a blog titled, Will Major Institutions Sell Their Bitcoin, my thoughts since then haven’t changed, so check it out.This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.In This Issue:Tesla Sells Some BitcoinBitcoin Thoughts And AnalysisAltcoin ChartsDave Portnoy Owns 1 BitcoinBitcoin Outflows Continue Despite CorrectionHeavy Demand For Crypto Service On PayPalRumor - Facebook Holds BitcoinThe Wolf Of All Streets Podcast Ft. Jon NajarianMy Recommended Platforms And Tools
The Wolf Den #229 - Tesla Sells (A Little)
The Wolf Den #229 - Tesla Sells (A Little)
The Wolf Den #229 - Tesla Sells (A Little)
Everyone is seemingly making money in DeFi, but getting started and working through the space can cause a massive headache. Matcha makes it ridiculously easy to create a wallet, onboard new users, execute trades, and source liquidity in DeFi. It’s cheaper than Uniswap and delivers better prices by aggregating all of the available liquidity and routing to the best source. When I use Matcha, I typically use their high-level trading features like limit orders, liquidity depth visualization, gas efficiency, and more. You can sign up RIGHT HERE to check it out. Tesla sold some Bitcoin and the crypto community is, once again, angry about someone else's financial decisions that have nothing to do with them. People (and companies) can do what they please - it is a free market. For a group of self-proclaimed libertarians, freedom lovers and rugged individualists, it seems nothing gets us more upset then someone else making money.This news shouldn’t come as a shocker - corporations, institutions, and investment funds are profit-driven, not bound to a “diamond hands” philosophy. It’s not like Tesla sold all of their Bitcoin. They initially purchased $1.5B worth in February of this year which appreciated massively, and in Q1 he sold $227M, a fraction of the total value, representing less than 10% of their current holdings. Companies do not typically add assets to the balance sheet with no intention of ever selling, as the goal of any successful business is to churn a profit. Bitcoin proved a success here, and was used to pad the stats of a successful quarter. Bitcoin was primarily used as a store of value but also able to assist the company. In a tweet response to criticism from Dave Portnoy, king of Spaghetti Hands, Musk said this - "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."Bitcoin was proven liquid enough for Tesla to continue holding and accepting as a payment rail. Further, reading deeper into this statement, we have confirmation that Musk himself owns Bitcoin. That has never been clarified.From a macro perspective, this should come as a wakeup call for everyone that assumed institutions would never sell their stack. Musk, unlike Saylor, is a much better representation of what should be expected for the incoming wave of corporate interest. Taking this a step further, this is evidence that institutions will probably look to sell through the bull market, causing another cycle. Many have speculated that institutions won’t sell and there will be a higher Bitcoin price floor, but this may not entirely be the case.Back in February, I wrote a blog titled, Will Major Institutions Sell Their Bitcoin, my thoughts since then haven’t changed, so check it out.This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.In This Issue:Tesla Sells Some BitcoinBitcoin Thoughts And AnalysisAltcoin ChartsDave Portnoy Owns 1 BitcoinBitcoin Outflows Continue Despite CorrectionHeavy Demand For Crypto Service On PayPalRumor - Facebook Holds BitcoinThe Wolf Of All Streets Podcast Ft. Jon NajarianMy Recommended Platforms And Tools