What Rattled Bitcoin - SpaceX! (Patreon)

Chart above shows a wicked dip - the TA folks will tell you they saw it coming - but no. It is due to FEAR from the following news.

According to a recent filing with the Securities and Exchange Commission (SEC), SpaceX wrote down the value of its bitcoin holdings by a total of $373 million in 2022 and 2021. This means that the company has taken a loss on its bitcoin investment, as the value of the cryptocurrency has fallen significantly since it first bought it.

The filing also shows that SpaceX has sold some of its bitcoin holdings. However, it is not clear how much bitcoin the company still owns.

WSJ Reports

SpaceX's investment in bitcoin was first revealed in February 2021, when the company filed a Form 10-Q with the SEC. At the time, SpaceX said it had purchased 42,000 bitcoins for an average price of $31,200 per bitcoin. This would have given the company a total investment of $1.3 billion.

However, the price of bitcoin has since fallen significantly. As of August 17, 2023, the price of bitcoin is around $26,000 per bitcoin. This means that SpaceX's investment in bitcoin is now worth around $840 million, a loss of over $460 million.

It is not clear why SpaceX decided to write down the value of its bitcoin holdings. However, it is possible that the company did this in order to comply with accounting standards. Under generally accepted accounting principles (GAAP), companies are required to write down the value of assets if their fair value has declined below their carrying value.

I took the Oppty to buy a nice bag of SOL at $21