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.
Elon Musk thinks bitcoin will ‘make it’
Tesla, SpaceX and Twitter chief Elon Musk commented on the future of bitcoin on Monday. Responding to a Twitter user asking where cryptocurrency prices will be in another year, noting that crypto is currently trading at $16K, down from around $69K a year ago, Musk wrote: “BTC will make it, but It may 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 filing with the US Securities and Exchange Commission (SEC) revealed that the company holds approximately $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.”
Musk Says Dogecoin ‘To The Moon’
The Tesla CEO also recently made a bullish comment about the meme cryptocurrency Dogecoin (DOGE), resulting in a price increase. In a Twitter Space discussion on Saturday, he said:
Doge to the moon.
Musk has long been a supporter of MemeCrypto; He is sometimes referred to by the DOGE community as the Dogfather. The billionaire previously revealed that he owns some Dogecoin and will continue to buy and support the Mayhem cryptocurrency. He believes that 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 on the future of crypto
Kasturi was asked about the future of cryptocurrencies during the Twitter Space event in view of the FTX explosion on Saturday.
“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 bitcoin, ethereum and doge may have a future. I really can’t talk to others. But if you have all three of those in a cold wallet, and off an exchange, I think it works well.
