Elon Musk’s Holdings in Dogecoin and Bitcoin
Tesla CEO Elon Musk has confirmed that he still holds a significant amount of dogecoin (DOGE), a meme cryptocurrency, and his company Spacex also holds a considerable amount of bitcoin (BTC). Musk made this revelation during a discussion on X Space, where he stated:
“I still own a bunch of dogecoin, and Spacex owns a bunch of bitcoin.”
Musk, who is known as the Dogefather in the dogecoin community, has been a long-time supporter of the meme crypto. He previously disclosed his personal holdings of DOGE, BTC, and ETH. Additionally, Tesla and Spacex accept dogecoin for certain merchandise, and Musk’s Boring Company accepts DOGE payments for rides on the Las Vegas Transit System loop.
Legal Controversies and Bitcoin Holdings
While many dogecoin supporters welcome Musk’s endorsement, some investors have sued him, alleging involvement in a crypto pyramid scheme. Musk has requested the dismissal of the lawsuit, asserting that publicly supporting DOGE is not illegal. Furthermore, Musk has shared that Spacex holds bitcoin, and Tesla previously invested $1.5 billion in BTC. However, the electric vehicle company sold 75% of its holdings due to liquidity concerns during the Covid-19 pandemic. Musk has expressed openness to increasing Tesla’s bitcoin holdings in the future.
Musk’s Focus on Cryptocurrency and X Platform
Despite his involvement in the crypto space, Musk has stated that he doesn’t spend much time thinking about cryptocurrency. He has emphasized that his companies will not create their own tokens. However, Musk’s social media platform, X, has obtained 12 money transmitter licenses and aims to become a powerful financial platform. Many anticipate that it will include cryptocurrency functionality. Musk has also mentioned the goal of allowing users to make financial transactions on X without needing a traditional bank account. In the past, he has encouraged moving money out of bank accounts.
Hot Take: Elon Musk Stays Committed to Dogecoin and Bitcoin
Elon Musk’s recent confirmation of his continued ownership of dogecoin and Spacex’s bitcoin holdings demonstrates his unwavering support for these cryptocurrencies. Despite legal controversies and concerns over liquidity, Musk remains dedicated to both assets. His endorsement of dogecoin has bolstered its popularity and acceptance, with his companies allowing transactions with the meme crypto. Additionally, Musk’s ventures in the financial sector, such as the X platform, hint at a potential future integration of cryptocurrency. As Musk’s influence on the crypto world continues, it will be interesting to see the impact he has on shaping its future.
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