Elon Musk, the CEO of Tesla and the head of Twitter, has been bullish on bitcoin and dogecoin despite recent declines in the value of cryptocurrencies. Bitcoin “will make it,” and “DOGE to the moon,” he stated. Musk thinks there could be a future for bitcoin, dogecoin, and Ethereum despite the chaos surrounding the collapse of the FTX cryptocurrency exchange and the “crypto winter.”
Elon Musk believes that bitcoin “will make it.”
Elon Musk, the founder of Tesla, SpaceX, and Twitter, made comments about the future of bitcoin on Monday. The cryptocurrency is currently trading at around $16,000, down from about $69,00 a year ago. In response to a Twitter user’s question regarding what the cost of the cryptocurrency could be in another year, Musk wrote: “BTC will make it, but might be a long winter.”
Bitcoin may have increased in value as a result of Musk’s remark. The price of bitcoin suddenly increased from under $16K after he tweeted. Bitcoin is currently worth $16,987 as of this writing.
The billionaire, who just bought Twitter, a social media behemoth, previously admitted that he privately owns bitcoin, just like Tesla and SpaceX do. According to Tesla’s most recent financial disclosures to the U.S. Securities and Exchange Commission (SEC), the company has about $218 million worth of digital assets. The electric car manufacturer liquidated 75% of its BTC holdings in July.
Musk has declared on countless events that bitcoin is a reliable form of value storage. Despite Tesla’s BTC sale, the multi-billionaire CEO emphasized: “This should not be viewed as some conclusion on bitcoin. We are certainly open to growing our bitcoin holdings in the future.”
Dogecoin, “to the Moooon,” says Musk
The cryptocurrency meme dogecoin (DOGE) recently experienced a price increase after the Tesla CEO made a bullish remark about it. During a Saturday Twitter Space conversation, he exclaimed:
“Doge to the moon”
Musk has long supported the cryptocurrency meme, and the DOGE community sometimes refers to him as the Dogefather. The billionaire recently disclosed that he owns a few dogecoins and plans to continue supporting and purchasing the joke money. Dogecoin, in his opinion, “has potential as a money.”
Dogecoin is currently accepted by Tesla for select goods. Musk added that Spacex would follow suit soon. The meme coin is also accepted for some rides at His Boring Company. His freshly bought social networking site, Twitter, just submitted paperwork to establish a payment business. Supporters of Dogecoin believe that Musk intends to incorporate DOGE payments into Twitter.
Musk on the Future of Crypto
Musk was asked about the future of cryptocurrencies during the Twitter Space event Saturday given the FTX implosion.
“I would advise that if you have cryptocurrency, you should store it in a cold wallet that is easily accessible. not during a trade. That would be prudent”, he said, going on to explain
“I believe that doge, Ethereum, and bitcoin all have a future. I truly can’t talk to others. However, my guess is that it works out perfectly if you hold one of these three in a cold wallet and obtained it through an exchange”
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.