Tesla Could Empty Its $1.5 Billion Bitcoin Bag In No Time … And Tron's Justin Sun Wants It AllJune 4, 2021
Tron’s Justin Sun has remained bullish on Bitcoin, despite Elon Musk’s bearish tweets. The founder of the Tron network has been consistent with his bullish feedback on the state of the market.
Sun has also been quick to make bullish requests and pledges in support of Tron’s native token (TRX). However, Sun seems to be more focused on bitcoin at this time.
Justin Sun wants Tesla’s Bitcoin Stash
While the majority of Crypto-Twitter express their frustration following Musk’s recent tweets, Sun has stepped up to preserve the market from the possible liquidation of $1.5 billion worth of Bitcoin, which is the estimated amount of Bitcoin within Tesla’s possession.
Responding to the tweet posted by Musk, that sent Bitcoin to a new daily low, Sun wrote “I will buy all the Bitcoin that Elon Musk sells.”
The Bitcoin market bearishly reacted to tweets from Elon musk earlier today, in which the CEO of Tesla can be seen posting a meme that many interpreted as a humorous way of Musk declaring his exit from the bitcoin market.
Tesla may finally step out of the Bitcoin market
Although Musk did not make any official tweet directly saying that Tesla had sold its Bitcoin holdings, he had previously hinted that there was a good possibility that could be the case in the third quarter.
Many of the billionaire’s tweets following the official statement he made over two weeks ago, declaring that Tesla had suspended bitcoin payment, have been repeatedly bearish, and if Tesla were to pull through with selling, the market could use as much help as it can get to remain afloat.
Sun’s pledge doesn’t take away from the fact that he, like many others, blame Musk for the market’s decline. He revealed this to CNBC a while back, but also added that he believes Musk’s Bitcoin energy concerns were valid.
“I definitely believe Elon Musk’s concerns about crypto is legit. So, definitely I think the crypto industry needs to find a way out, especially the energy consumption and also how to turn Bitcoin into an energy friendly crypto ; basically a green crypto.”
Sun added that the same has been his goal for Tron, claiming that the energy consumption level of the Tron blockchain has significantly reduced by 99%, but has managed to successfully maintain the same efficiency.
Source: Read Full Article