- Musk held a tiny Bitcoin stake for a long time.
- Musk is now the public face of Dogecoin.
Investors pay heed to Elon Musk’s tweets. Tesla and SpaceX CEO Elon Musk has long endorsed cryptocurrency.
But cryptocurrency investors might sometimes idolize Musk. For example, when Musk tweets photographs of his Shiba Inu puppy, the value of Shiba Inu rises. Is it true that a billionaire’s puppy picture increases the value of cryptocurrency? Musk only owns a few cryptocurrencies. Shiba Inu isn’t one of them.
1. Bitcoin (BTC)
In 2017, speculations surfaced that Musk was Satoshi Nakamoto, the enigmatic inventor of Bitcoin. Musk refuted them. But he’s been a long-time supporter of Bitcoin.
Tesla acquired $1.5 billion worth of Bitcoin earlier this year. It began Bitcoin as payment for its electric automobiles. But, owing to worries over energy use, it only lasted a few months. Tesla would likely begin taking Bitcoin, Musk stated later. Musk held a tiny Bitcoin stake for a long time. In early 2019, he claimed to hold just 0.25 Bitcoins, given to him by a friend. His biggest cryptocurrency ownership is Bitcoin, which he acknowledged during the summer.
2. Dogecoin (DOGE)
Musk is now the public face of Dogecoin. His links to Bitcoin go back at least three years. To remove fraudulent bots from his Twitter account, Musk asked Dogecoin founder Jackson Palmer for aid.
By 2020, Musk was sometimes tweeting about Dogecoin. Each tweet increased the digital coin’s value. The largest exposure occurred in May when Musk presented Saturday Night Live. On the broadcast, Musk dubbed himself “the Dogefather.” However, Dogecoin fell after he called the cryptocurrency “a hustle” on Saturday Night Live.
3. Ethereum (ETH)
Musk’s first public interaction with Ethereum (ETH) was a flop. The scam he asked Dogecoin’s inventor for assistance involved twitter users posing as famous persons giving away massive quantities of Ether tokens. His April 2019 one-word tweet “Ethereum” sparked interest in cryptocurrency. In response, Musk and Ethereum co-founder Vitalik Buterin exchanged emails.
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