that is 1 billion dollars profits at the present Bitcoin price.
That's only on the paper. As people said, unrealized profit.
1 BTC = 1 BTC. As long as they don't sell, there's no actual profit to talk about.
Nice bullish (for newbies) news though
If Elon decides to drop his bags today, the market will suffer a massive tragedy, perhaps even greater than the last Covid 19 dump.
The future of bitcoin is something to keep an eye on, especially now that Elon Musk leads the pack of billionaire wolves.
The reason is when the price drop and there is someone dropping their bags, other holders will also grab the opportunity to accumulate bitcoin and it could happen the bitcoin price will bounce back again. But I don't think Elon Musk will cut their profit at this early stage, perhaps they are long-term holders and want to gain more profit. For now, there is no real profit because they are not selling, --it is unrealized profit, ideed.