Tesla CEO and Twitter chief Elon Musk has made optimistic statements about bitcoin and dogecoin despite the crypto-currency market sell-off. He stated that bitcoin “Will succeed” and that the dogecoin “will go to the moon“. Amidst the crypto winter and chaos surrounding the FTX bankruptcy, Elon Musk believes there is a future for bitcoin, ethereum and dogecoin.
Elon Musk thinks bitcoin “will make it.”
Elon Musk commented on the future of bitcoin on Monday. Responding to a Twitter user who asked where the price of the crypto-currency would be in a year’s time, given that it currently trades at about $16,000, up from $69,000 a year ago, Elon Musk wrote, “BTC will be fine, but it may be a long winter.”
Musk’s comment may have driven up the price of bitcoin. Immediately after his tweet, the price of bitcoin gained 10 percent. Bitcoin soared from under $16,000.
The billionaire, who recently acquired social networking giant Twitter, has previously revealed that he personally owns bitcoin, as do Tesla and Spacex. Tesla’s latest financial filings with the U.S. Securities and Exchange Commission (SEC) show that the company holds about $218 million in digital assets. In July, the electric car company sold 75 percent of its digital assets.
Elon Musk has repeatedly stated that bitcoin is suitable as a store of value, he noted, “We are certainly open to the idea of increasing our holdings of bitcoin in the future, so this should not be taken as a verdict on bitcoin.“
Elon Musk says dogecoin is “in”.
The Tesla CEO also recently made a bullish comment on the dogecoin meme crypto-currency (DOGE), which has led to a price spike. In a Twitter chat on Saturday, he exclaimed:
Dogecoin on the moon.
Musk has long been a supporter of the crypto meme; he is sometimes known by the DOGE community as the Dogefather. The billionaire has previously revealed that he owns dogecoins and will continue to buy and support the crypto meme currency. He believes that dogecoin “has potential as a currency“.
Tesla currently accepts dogecoins for certain goods. Musk has also stated that Spacex will soon do the same. His Boring Company also accepts meme currency for certain rides. Twitter recently filed documents to operate a payment business. Dogecoin supporters believe Musk plans to integrate dogecoin payments into Twitter.
Musk on the future of crypto-currencies
Musk was asked about the future of crypto-currencies at the Twitter Space event on Saturday, given the implosion of FTX.
“I would reiterate that if you have crypto-currencies, you should have them in a directly accessible cold wallet. Not in an exchange. That would be wise“, he advised, elaborating:
I think there’s probably a future for bitcoin, ethereum and doge. I can’t really talk about the others. But if you have any of those three in a cold wallet, and outside of an exchange, I think it works well.