Binance CEO Calls Tesla’s Bitcoin Holding Modest

The crypto market was jolted by the recent sale of nearly 75 percent of its bitcoin holdings by Tesla, one of the major electric car companies. Changpeng Zhao, chief executive officer of crypto exchange Binance, believes that Tesla’s holding is modest. He estimates that around $100 billion worth of bitcoins are traded per day. Tesla has sold less than a billion dollars worth of bitcoins.

Tesla chief Elon Musk says the sale should not be taken as a decision on bitcoin. Additionally, he indicated that cryptocurrencies could also be purchased on behalf of the company. about one Interview In May Changpeng said that people should not look at Musk’s huge selloff in bitcoin as a big sign. “He’s a smart guy, but that doesn’t mean that all the assets he has are valuable. Just buying or selling his bitcoins doesn’t matter,” he said. Many users may agree with Changpeng’s opinion, but some believe that it can only be estimated when the right volume is known for trading bitcoin.

Recently, Bill Gates, the founder and billionaire of software company Microsoft, had called crypto projects like Non-Fungible Token (NFT) a forgery. He said that it is based on the ‘theory of making fools’. Making a mockery of digital assets at a climate conference in California, USA, Gates said, “Surely the world will improve a lot with expensive digital images of monkeys.”

He had told that he does not buy or sell anything in this asset class. Even before this, Gates has condemned crypto. He also had an argument last year with Elon Musk, the head of electric car maker Tesla, over the high risk in bitcoin and the damage to the environment from crypto mining. Gates started the climate-focused fund Breakthrough Energy Ventures a few years ago. He described digital banking as many times efficient than cryptocurrencies.

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