When Elon Musk tweets, crypto traders pay attention. The Space X and Tesla CEO has actually long been a vocal supporter of cryptocurrencies.
In some cases, though, cryptocurrency traders might focus too much on Musk. For instance, when Musk tweets photos of his Shiba Inu puppy, the value of digital coin Shiba Inu has a tendancy to rise. Does a picture of a billionaire’s dog truly make the crypto more valuable? Of course not.
Here are the only cryptos Musk actually owns.
Previously this year, Tesla revealed that it purchased $1.5 billion of Bitcoin. It also started accepting the crypto as payment for its electric vehicles. That lasted just a couple of months, though, due to concerns regarding the energy consumption required to mine Bitcoin. Musk later stated that Tesla will probably resume accepting the crypto.
For a long period of time, Musk had only a modest position in Bitcoin. As recently as early 2019, Musk said that he had just 0.25 Bitcoins that were provided to him by a buddy. However, he verified over the summer that BTC is his largest crypto holding and intends to hold it for the long term.
Musk has pretty much become the public face of Dogecoin. His connections to the crypto go back at the very least three years. In 2018, he reached out to Doge creator Jackson Palmer for assistance in removing scam bots from his Twitter page.
The next year, Musk disclosed in a tweet, “Dogecoin may be my favorite crypto. It is pretty great.” He also won the vote in an April Fool’s Day survey taken by Dogecoin’s main Twitter account asking which CEO would presumably be the ideal CEO for the cryptocurrency. Musk would later on briefly change his Twitter account to read “former CEO of Dogecoin.”
Still, Musk validated over the summer time that he personally owns Dogecoin. He stated that he supports it since it feels “like the people’s cryptocurrency.”
Musk’s initial public link with Ethereum was not a favorable one. One scam that was associated with Twitter users who impersonated well-known people supposedly gave out large quantities of Ether tokens.
His one-word tweet in April 2019 stating only “Ethereum” stoked interest in the crypto. It additionally triggered an online exchange between Musk and Ethereum co-founder Vitalik Buterin.
The subsequent year, however, Musk appeared to be undecided about Ethereum. He replied to a tweet from actor William Shatner, specifying, “I am not developing anything on ethereum. Not for or against it, just do not use it or own any.”
He now appears to have hopped off that fence. Previously this year, he revealed that he owns Ethereum tokens as well as Bitcoin and Dogecoin.
Author: Scott Dowdy