We all have the seed of greed within us. Some people are lucky enough enough to have this as a dead seed, in others it dies out as a young plant, others keep it under control and cut it when it gets too big, and others get overwhelmed by it, sometimes without knowing.
Greed can be like a drug. The more you have, the greedier you become.
Crypto bull runs are a very fertile territory for greed to grow exponentially and show its ugly face, if not kept under control.
I rarely keep an eye on Twitter, even if it seems a go-to place for most of the crypto communities. It's another distraction to add to countless others, and all it offers is just a little bit of advance notice on some news, from my perspective. I can live without it.
So, I didn't see first hand the harassment Elon Musk apparently was subjected to on Twitter, because Tesla sold 10% of its bitcoin stash throughout Q1, at a profit.
But I saw later some reports about this and his explanations to it. As if he needed to explain taking profit. And yet he indulged the mindless inquiries, and said he wanted to prove the market has depth and one can go out easily with large amounts - an assurance for other big companies which would like to invest in crypto.
Personally, I believe the visceral reactions to the news of Tesla taking profit on 10% of its bitcoin stash can only come from one place: uncontrolled greed going viral.
And the immediate, thoughtless reaction inferring that if Tesla started to sell, this is a signal that the bull run is over, are at least premature, since selling was done in Q1 and we just learned about it.
So, it's ok for any of us to prepare for the bear market, but Tesla is supposed to HODL through it, right?
What if they wanted (not sure now) to gradually take out portions of the bitcoin stash until the end of the bull run, to make up for the initial investment and HODL the rest? Are we the only ones allowed to take out the profit? We wanted high-profile companies in crypto, didn't we?
Personally, I find the strategy of holding bitcoin for a profit then gradually selling, much better for bitcoin than the strategy of holding bitcoin forever (taking it out of circulation). When we are talking about whales, which can greatly influence liquidity, at least.
One keeps the market alive, the other kills it. Or rather scarcity will.
I don't think we are close to the end of the bull run. But if it will end sooner, we should be happy with what we've got so far, not act like mindless monkeys, about to be dispossessed of their bananas. There are always new opportunities.
I believe the cohort of harassers on Musk's Twitter account did much more damage to crypto than Tesla sale of bitcoin ever did, assuming one could argue it was in any way detrimental. Imagine all those following him and not involved in crypto looking at this bunch and drawing some conclusions which might or might not be true.