Tesla Dumped Bitcoin, Likely On The Desire Of Shareholders

We all read about the ‘yes’ and ‘no’ related to Elon Musk deciding to sell, Bitcoin held by Tesla. Even before all that happened, Glitzkoin CEO Navneet Goenka had, mentioned in his LinkedIn post about the possibility of the sale. There was a time when corporate shareholders, seemed to be fine with reserve funds being partially invested in cryptocurrency – more specifically in Bitcoin. Those were the days when we were made to believe that, Bitcoin was ‘king’ and that nothing could go wrong with BTC.

June 2022 changed all that, Bitcoin fell shockingly and even diehard supporters and normally excited pumpers, realized that something was very wrong. Investors grew smarter and the fact that Bitcoin and the crypto market, was over inflated became glaringly clear. Paid BTC media content that had not so long ago, promised to show us Bitcoin at close to $100,000 – now seemed happy to see the bloated crypto struggle to hold on to $25,000!

The decision to sell Bitcoin held by Tesla, should be seen in the light of those conditions. We are not saying that Bitcoin is down and out or that, it will never rise to its previous high levels once again. What we are saying is that, the days of pumping and winning Bitcoin profits are over. Investors will look for real value especially because, they have a whole spectrum of cryptocurrencies to choose from. We are also saying that pumping, which invariably misleads investors should not happen.

Taking you a few steps back in time, the moment when news was blasted that, Tesla was holding some reserves in the form of Bitcoin. The general mood and stories about BTC at that point, were positive. Tesla shareholders who understood crypto and those who did not, seemed fine with that investment decision. The situation changed in June 2022 and it was the duty of the Tesla bosses including Elon Musk, to keep shareholder interests in focus. No time for crypto heroics and games here.

So if we forget about the initial ‘no’ and ‘yes’ about Tesla’s intent to deal with its Bitcoin reserves, the final decision to dump Bitcoin was perfectly logical. And as we move beyond this Tesla Bitcoin episode, let us not forget that many more corporates, have or had invested reserves in BTC – this probably in smaller volumes. Time to be prepared for more corporate Bitcoin and crypto dumps.

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GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token. 

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.

 

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