Tesla CEO and Twitter chief Elon Musk made optimistic statements regarding Bitcoin and Dogecoin despite the cryptocurrency market sell-off. He said that Bitcoin will “work” and “DOGE to the Moon”. Amidst the crypto winter and the chaos surrounding bankrupt crypto exchanges, Musk believes there is a future for bitcoin, ethereum, and dogecoin.
Elon Musk Thinks Bitcoin ‘Will Work’
Tesla, Spacex and Twitter chief Elon Musk commented on the future of bitcoin on Monday. In response to a Twitter user asking what the price of the cryptocurrency would be in another year given that the cryptocurrency is currently trading at around $16K, down from around $69K last year, Musk wrote: It will be a long winter. “
Musk’s comment may have boosted the price of Bitcoin. Immediately after he tweeted, the price of BTC skyrocketed from under $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 owns bitcoin personally, as does Tesla and Spacex. Tesla’s latest financial filings with the US Securities and Exchange Commission (SEC) showed that the company owns about $218 million in digital assets. In July, the electric car company sold 75% of its bitcoin holdings.
Musk has said on several occasions that bitcoin is suitable as a store of value. Despite Tesla’s BTC sale, the billionaire CEO emphasized: “We are certainly open to increasing our bitcoin holdings in [the] In the future, therefore, this should not be taken as a judgment on bitcoin.”
Musk says Dogecoin to Moooon
The Tesla CEO also recently made a bullish comment about the cryptocurrency meme dogecoin (DOGE), which sent the price skyrocketing. In a discussion via Twitter Space on Saturday, he exclaimed:
Doji to the moon.
Musk has long been a supporter of meme coding; He is sometimes known by the DOGE community as the Dogefather. The billionaire previously revealed that he owns some cryptocurrency and will continue to buy and support the crypto meme. He believes that Dogecoin “has potential as a currency.”
Tesla currently accepts Dogecoin for some goods. Musk also said that Spacex will soon do the same. His Boring Company also accepts meme currency for some games. His newly acquired social media platform, Twitter, recently filed paperwork to run a payment business. Dogecoin supporters believe Musk plans to integrate DOGE payments into Twitter.
Musk on the future of cryptocurrency
Musk was asked about the future of cryptocurrency during a Twitter Space event on Saturday in view of the FTX implosion.
“I would stress that, if you have cryptocurrency, you should put it in a cold wallet that can be accessed directly. Not on an exchange. It would be wise,” he advised, explaining:
I think there could potentially be a future for bitcoin, ethereum, and doge. I can’t really talk to others. But if you have one of those three in a cold wallet, which I think is OTC, I think it works fine.
Do you agree with Elon Musk about Bitcoin and Dogecoin? Let us know in the comments section below.
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