Tesla CEO and Twitter chief Elon Musk has made bullish statements on bitcoin and dogecoin despite the selloff in the crypto market. He said bitcoin “will do it” and “DOGE on the moon”. Amid the crypto winter and chaos surrounding bankrupt crypto exchange FTX, Musk believes there is a future for bitcoin, ethereum, and dogecoin.
Elon Musk Thinks Bitcoin “Will Do It”
Tesla, Spacex and Twitter chief Elon Musk commented on the future of bitcoin on Monday. Responding to a Twitter user asking where the price of the cryptocurrency will be in another year given that the crypto is currently trading at around $16,000, down from around $69,000 a year ago, Musk wrote, “ BTC will, but could be a long winter.
Musk’s comment may have boosted the price of bitcoin. Immediately after he tweeted, the price of BTC shot up sharply below $16,000. As of this writing, bitcoin is trading at $16,987.
The billionaire, who recently acquired social media giant Twitter, previously revealed that he personally owns bitcoin, as do Tesla and Spacex. Tesla’s latest financial filings with the U.S. Securities and Exchange Commission (SEC) showed the company held approximately $218 million in digital assets. In July, the electric car company sold 75% of its BTC holdings.
Musk has repeatedly stated that bitcoin is suitable as a store of value. Despite selling BTC from Tesla, the billionaire CEO stressed, “We are certainly open to increasing our bitcoin holdings in [the] future, so this shouldn’t be taken as a verdict on bitcoin.
Musk says Dogecoin ‘at the Moooon’
The Tesla CEO also recently made a bullish comment on the cryptocurrency meme dogecoin (DOGE), causing prices to spike. In a discussion on Twitter Space on Saturday, he exclaimed:
Doge to the moon.
Musk has long been a supporter of the crypto meme; he is sometimes known by the DOGE community as the Dogefather. The billionaire previously revealed that he owns dogecoins and will continue to buy and support the same cryptocurrency. He thinks dogecoin “has potential as a currency.”
Tesla currently accepts dogecoin for certain merchandise. Musk also said Spacex will do the same soon. His Boring Company also accepts the meme coin for certain rides. Its newly acquired social media platform, Twitter, recently filed documents to operate a payment business. Dogecoin supporters believe Musk is planning to integrate DOGE payments into Twitter.
Musk on the future of crypto
Musk was asked about the future of cryptocurrencies during the Twitter Space event on Saturday given the implosion of FTX.
“I would reiterate that, if you have crypto, you should have it in a directly accessible cold wallet. Not on an exchange. That would be wise,” he advised, clarifying:
I think there is probably a future for Bitcoin, Ethereum and Doge. I can’t really talk to others. But if you have any of these three in a cold, off-exchange wallet, I think I guess it works fine.
Do you agree with Elon Musk on bitcoin and dogecoin? Let us know in the comments section below.
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