Elon Musk remains bullish on Bitcoin and Dogecoin despite the recent crypto market downturn
In response to a Twitter user's question about where the price of the cryptocurrency will be in another year, Musk wrote: "BTC will make it, but might be a long winter."
Wed, 16 Nov 2022, 04:01 am UTC
While the crypto market plunged after FTX’s collapse, Tesla CEO Elon Musk remains bullish on Bitcoin (BTC) and Dogecoin. Amidst the market chaos triggered by FTX’s bankruptcy, Musk believes that Bitcoin “will make it” while remaining optimistic about Dogecoin stating “DOGE to the moon.”
Elon Musk, the founder of Tesla, SpaceX, and the new boss of Twitter, made comments about the future of Bitcoin on Monday. The cryptocurrency is presently selling at approximately $16,900, down from roughly $69,000 a year ago. In response to a Twitter user's question about where the price of the cryptocurrency will be in another year, Musk wrote: "BTC will make it, but might be a long winter," Bitcoin.com reported.
The billionaire, who just bought the social media platform Twitter, previously admitted that he personally owns Bitcoin, just like Tesla and SpaceX do. In recent financial reports submitted to the U.S. Securities and Exchange Commission (SEC), Tesla has around $218 million worth of digital assets. The electric car manufacturer liquidated 75% of its BTC holdings in July this year.
Musk has asserted on numerous occasions that Bitcoin is suitable as a store of value. Despite selling a large portion of Tesla's BTC holdings, the multibillionaire CEO emphasized that the company is not ruling out the potential acquisition of more BTCs in the future.
“We are certainly open to increasing our Bitcoin holdings in [the] future, so this should not be taken as some verdict on Bitcoin,” Musk said.
Aside from his comments on Bitcoin, Musk also made a bullish comment on Dogecoin, which probably helped in the crypto’s price surge. “Doge to the moon,” he posted in a Twitter Space discussion Saturday.
Musk has long supported the meme crypto that the DOGE community sometimes refers to him as the Dogefather. The billionaire recently disclosed that he owns a few dogecoins and plans to continue supporting and purchasing the token. Dogecoin, in his opinion, "has potential as a currency."
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