Elon Musk Discussed His Crypto Portfolio On X Space

Musk holding bitcoin, two dogecoins and ether

Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, has recently revealed his crypto portfolio in a Twitter Space. He said that he still holds dogecoin (DOGE), which is his favorite coin in the crypto industry, and that SpaceX holds a large amount of bitcoin. However, Tesla previously liquidated 75% of its bitcoin holdings.

Dogecoin is Favorite

Elon Musk, the billionaire entrepreneur and CEO of Tesla and SpaceX, recently revealed details about his cryptocurrency portfolio in a Twitter Space session. Musk reiterated his allegiance to dogecoin (DOGE), referring to it as his favorite coin within the crypto industry. Additionally, he disclosed that SpaceX holds a substantial amount of bitcoin. This revelation comes in the wake of Tesla’s decision to liquidate 75% of its bitcoin holdings.

Bitcoin More Suited As a Store of Value

Musk cited his support for dogecoin as a reflection of it being the “people’s crypto,” emphasizing its suitability for transactions compared to bitcoin. He also humorously suggested that dogecoin could potentially become the future reserve currency. During “The B-Word” conference in October, Musk confirmed his ownership of bitcoin, ether, and dogecoin, expressing the view that bitcoin is more suited as a store of value than a transactional currency.

“I still own a bunch of Dogecoin and SpaceX owns a bunch of Bitcoin,” Musk said.

However, Musk shared surprising details about Tesla’s previous involvement with bitcoin, revealing the sale of 10% of its holdings in February 2021 to fund the acquisition of SolarCity. Tesla’s environmental concerns prompted the sale of $420 million worth of bitcoin in May 2021. Importantly, Musk disclosed that SpaceX holds a considerable amount of bitcoin as part of its Starlink satellite internet service, set to accept bitcoin as a payment option.

However, this renewed crypto enthusiasm stands in stark contrast to Tesla’s recent divestment of Bitcoin. In July 2023, the electric carmaker sold 75% of its Bitcoin holdings, citing concerns about environmental impact and declining liquidity. This move sent shockwaves through the cryptosphere, raising questions about Musk’s long-term commitment to the digital asset.

A Piece of the Unpredictable Muskian Puzzle

The apparent divergence between Musk’s personal and corporate decisions regarding cryptocurrencies sparks intriguing possibilities. Could his love for DOGE signal a shift in focus towards more community-centric projects within the crypto landscape? Does SpaceX’s Bitcoin stash point towards a strategic hedge against future economic uncertainties? Or are these seemingly contradictory actions simply another piece of the unpredictable Muskian puzzle?

One thing is for certain: Musk’s influence on the crypto market remains undeniable. His vocal support for DOGE and Bitcoin, despite Tesla’s divestment, can significantly impact investor sentiment and price movements. As the crypto ecosystem navigates uncharted waters, Musk’s actions, and their motivations, will continue to be closely scrutinized by both fans and skeptics alike.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.