Which Cryptocurrencies Does Elon Musk Own?
During events and on Twitter, Elon Musk is very vocal on cryptocurrencies. His views appear to drive the crypto market because he has invested extensively in crypto and is one of the wealthiest people alive.
Investors assumed he was hinting at owning the crypto Shiba Inu when he started tweeting images of his Shiba Inu puppy. As a result of his tweets, the price of Shiba Inu skyrocketed.
He later revealed that he does not own Shiba Inu and has only made three cryptocurrency investments. What is Elon Musk’s cryptocurrency portfolio like? Here’s a list of his cryptocurrency holdings.
Which Cryptocurrencies Does Elon Musk Own?
Elon Musk stated his support for Bitcoin during the B Word conference in June 2021. He also hinted that Tesla would resume accepting Bitcoin payments. Bitcoin, according to the SpaceX and Tesla CEO, might be used for economic empowerment.
Elon Musk disclosed he owns three cryptocurrencies, as reported in his tweets and confirmed at the conference:
- Bitcoin
- Ethereum
- Dogecoin
Musk Believes in Crypto’s Future
He also stated at the conference that he had more Bitcoin than Dogecoin and Ethereum. His profound conviction in the currency is the cause for this. He has no plans to sell his Bitcoin holdings because he does not believe in selling cryptocurrency at a high price.
He made it clear that he wants Bitcoin to flourish. Elon Musk’s opinions on Bitcoin show that he believes in the cryptocurrency’s long-term potential.
Musk’s interest in Ethereum and Bitcoin is understandable given their popularity and practicality in the DeFi field, but his Dogecoin investment surprised many. He has even campaigned for Dogecoin, a meme currency, setting him apart from other investors who are uninterested in meme currencies.
SpaceX Employees Own Doge
Musk stated that he bought in Doge because it appears to be the cryptocurrency of the people. He realized that the majority of folks at SpaceX and Tesla own Doge after speaking with them. He claims that neither Silicon Valley technologists nor financial specialists are involved. However, because they backed Doge, he was forced to invest in the currency.
Musk also stated that he invests in Doge because he enjoys memes and dogs. He believes it would be an amusing and ironic ending if a coin that began as a joke about cryptocurrencies became the market leader.
Here’s a look at how Musk feels about each of the three cryptocurrencies he owns.
Bitcoin
On the whole, Musk’s relationship with Bitcoin has been somewhat complicated.
Tesla and Bitcoin
Musk revealed in February 2021 that Tesla has purchased $1.5 billion in Bitcoin. In addition, the corporation stated that it would begin taking Bitcoin as a form of payment. The news caused Bitcoin and other cryptocurrencies to jump in value.
Elon Musk said in March that Tesla would accept Bitcoin as a form of payment. Bitcoin hit an all-time high of $64,863.10 in April.
Musk startled Bitcoin supporters later in May when he reversed his decision to accept Bitcoin as a payment mechanism for Tesla due to environmental concerns. His news, combined with other reasons, caused Bitcoin’s price to plummet.
Twitter Misunderstandings
A few days later, the price of Bitcoin plummeted even lower after a misunderstanding on Twitter. Given the price drop, a Twitter user said they couldn’t blame Musk for selling his Bitcoin. Musk replied “Indeed” to this tweet, causing investors to believe he was intending to sell his Bitcoin.
However, the next day, the billionaire reassured the investors that Tesla was not planning to sell its Bitcoin.
Environmental Impact
Although Musk believes in Bitcoin’s potential, he is concerned about the cryptocurrency’s environmental impact. His concerns are justified, as Bitcoin’s carbon footprint is similar to that of the whole country of Uzbekistan.
Furthermore, the currency’s electrical energy usage is comparable to Thailand’s entire power usage.
Dogecoin
Elon Musk has nearly become the public face of Dogecoin as he occasionally tweets about it. He’s been interested in Dogecoin since its inception. He stated Dogecoin might be his favorite money since “it’s very fantastic” in one of his Twitter posts.
Twitter Impacts
His tweets had a huge impact on Dogecoin values in 2020. Musk’s debut as the host of Saturday Night Live, where he dubbed himself the “Dogefather,” had the biggest impact.
Musk dubbed the currency a “hustle” in one of the program parts, causing the coin’s price to drop for the time being.
Dogecoin Is a Better Option for Daily Transactions
In a recent conversation. When it comes to daily transactions, Elon Musk believes Dogecoin is a better option than Bitcoin. He claims that Bitcoin isn’t a good transactional currency alternative, whereas Dogecoin is better suited for transactions].
He also stated that Tesla would release merchandise that could be purchased with Doge. The price of Dogecoin increased by 23% as a result of Musk’s announcement.
Ethereum
Elon Musk’s single-word tweet “Ethereum” in April 2019 piqued the curiosity of investors in the cryptocurrency. It also started an online dialogue between Vitalik Buterin, the co-founder of Ethereum, and Elon Musk.
Later that year, in response to a tweet from William Shatner, he stated that he is not developing anything on Ethereum. He also stated that he is neither for nor against Ethereum. He just does not utilize or possess the currency.
However, given he stated that the currency is one of three in which he has invested, it appears that he now owns it.
How will Elon Musk’s cryptocurrency partnership progress? Time will reveal Musk’s tweets.
Source: Go Banking Rates
