Tesla CEO and Twitter chief Elon Musk has made bullish statements on bitcoin and dogecoin despite the cryptocurrency market selling off. He stated that bitcoin “will succeed” and that the dogecoin “will go to the moon“. Amid 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 is “going to pull through”.
Elon Musk commented on the future of bitcoin on Monday. Responding to a Twitter user who asked where the price of the cryptocurrency would be a year from now, given that it is currently trading at around $16,000, down from $69,000 a year ago, Elon Musk wrote: “BTC will get through this, but the winter is likely to be long.”
Musk’s comment may have boosted the price of bitcoin. Immediately after his tweet, the price of bitcoin gained 10%. Bitcoin soared from below $16,000.
The billionaire, who recently acquired social media giant Twitter, previously revealed that he personally owns bitcoin, as do Tesla and Spacex. Tesla’s latest financial filings with the United States Securities Commission (SEC) show that the company holds approximately $218 million in digital assets. In July, the electric car company sold 75% of its digital assets.
Elon Musk has repeatedly stated that bitcoin is suitable as a store of value, he pointed out: “We are certainly open to increasing our bitcoin holdings 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 (DOGE) meme cryptocurrency, which caused prices to spike. In a discussion on the Twitter space on Saturday, he exclaimed:
Dogecoin on the moon.
Musk has long been a fan of the crypto meme; he is sometimes known by the DOGE community as the Dogefather. The billionaire previously revealed that he owns dogecoins and will continue to buy and support the meme cryptocurrency. He believes that dogecoin “has potential as a currency“.
Tesla currently accepts dogecoins for certain merchandise. Musk also said Spacex will soon do the same. His Boring Company also accepts meme currency for some rides. Twitter recently filed documents to operate a payment business. Dogecoin supporters believe Musk is planning to integrate dogecoin payments into Twitter.
Musk on the future of cryptocurrencies
Musk was asked about the future of cryptocurrencies during the Twitter Space event on Saturday, given the implosion of FTX.
“I would reiterate that, if you have cryptocurrencies, you should have them in a directly accessible cold wallet. Not in an exchange. It would be wise“, he advised, developing:
I think there is probably a future for bitcoin, ethereum and doge. I can’t really talk about the others. But if you have any of these three in a cold wallet, and outside of an exchange, I think it works fine.