Elon Musk, the tech billionaire and richest man on Earth, as well as the CEO of Tesla and SpaceX, has long been associated with cryptocurrencies. His tweets and public statements have influenced the markets, earning him the nickname "The Father of Dodge." But what cryptocurrencies does Elon Musk own and why? Let's dive into the details.
1. Bitcoin ($BTC
Elon Musk first publicly embraced Bitcoin in 2021, when Tesla announced a $1.5 billion investment in the cryptocurrency. Although Tesla later sold most of its Bitcoin holdings, Musk confirmed that he still personally owns Bitcoin.
Why Bitcoin?
Bitcoin is the king of cryptocurrencies, with unprecedented market dominance. Musk sees it as a store of value, akin to "digital gold."
2. Ether ($ETH )
Ether, the second-largest cryptocurrency by market cap, is also part of Musk’s portfolio, as revealed during his speech at the 2021 Word ₿ conference.
Why Ether?
Ether's smart contract capabilities make it the foundation for DeFi, NFTs, and many innovative blockchain applications. Musk sees it as a significant player in the crypto space.
3. Dogecoin ($DOGE )
Dogecoin is Musk’s favorite cryptocurrency, and he makes no secret of it. From calling Dogecoin “the people’s cryptocurrency” to promoting its use for payments at Tesla and SpaceX, Musk’s support has been a game-changer for DOGE.
Why Dogecoin?
Musk appreciates its fun history and meme-inspired origins, but also believes in its potential as a medium of exchange thanks to its low fees and active community.
4. Other possible assets
While Musk has confirmed his holdings in Bitcoin, Ether, and Dogecoin, there is speculation about other coins he may own or influence:
Shiba Inu (SHIB): While Musk denies owning SHIB, his tweets about "Floki" and other dog-themed coins have caused significant market movements.
Floki Inu (FLOKI): Named after Musk's Shiba Inu dog, Floki Inu has attracted attention, although there is no evidence that Musk owns one.
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