by Kevin Helms
Tesla CEO and Twitter chief Elon Musk has made bullish statements about bitcoin and dogecoin despite crypto market sell-offs. He said bitcoin “will make it” and “DOGE to the moon.” Amid crypto winter and the chaos surrounding bankrupt crypto exchange FTX, Musk believes there is a future for bitcoin, ethereum, and dogecoin.
Tesla, Spacex, and Twitter chief Elon Musk commented on the future of bitcoin Monday. Responding to a Twitter user asking about where the price of the cryptocurrency will be in another year given that the crypto is currently trading at about $16K, down from about $69K a year ago, Musk wrote: “BTC will make it, but might be a long winter.”
Musk’s comment may have boosted the price of bitcoin. Immediately after he tweeted, the price of BTC soared sharply from below $16K. At the time of 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 that the company is holding about $218 million in digital assets. In July, the electric car company sold 75% of its BTC holdings.
Musk has said on several occasions that bitcoin is suitable as a store of value. Despite Tesla’s BTC sale, the billionaire CEO stressed: “We are certainly open to increasing our bitcoin holdings in [the] future, so this should not be taken as some verdict on bitcoin.”
The Tesla CEO also recently made a bullish comment about the meme cryptocurrency dogecoin (DOGE), resulting in a price surge. In a Twitter Space discussion Saturday, he exclaimed:
Doge to the moon.
Musk has long been a supporter of the meme crypto; he is sometimes known by the DOGE community as the Dogefather. The billionaire previously revealed that he owns some dogecoins and will keep buying and supporting the meme cryptocurrency. He believes dogecoin “has potential as a currency.”
Tesla currently accepts dogecoin for some merchandise. Musk also said that Spacex will soon do the same. His Boring Company also accepts the meme coin for some rides. His newly acquired social media platform, Twitter, recently filed paperwork to operate a payment business. Dogecoin supporters believe that Musk plans to integrate DOGE payments into Twitter.
Musk was asked about the future of cryptocurrencies during the Twitter Space event Saturday given the FTX implosion.
“I would reaffirm that, if you have crypto, you should have it in a directly-accessible cold wallet. Not in an exchange. That would be wise,” he advised, elaborating:
I think there probably is a future for bitcoin, ethereum, and doge. I can’t really speak to the others. But if you’ve got one of those three in a cold wallet, and off an exchange, I think my guess is it works out well.
Do you agree with Elon Musk about bitcoin and dogecoin? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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