Elon Musk is the CEO of Tesla and SpaceX. He often tweets about different cryptocurrencies that impact their prices. Throughout 2021, the price rate of Shiba Inu rises after Musk repeatedly posts images of his Shiba Inu puppy on Twitter.
But later he clarifies that he does not own any Shiba Inu coins and he only owns Ether, Bitcoin, and Dogecoin. Elon keeps supporting Dogecoin by tweeting about it back in 2019. Though Musk has not recently been in contact with the Dogecoin developer, he has mentioned working with them throughout the year.
There is a lot more, that Elon Musk did in the Crypto field that you should know as a beginner. So let’s dive in.
Which Cryptocurrencies Does Elon Musk Own?
At first, Elon Musk said he supports Bitcoin. Tesla accepts payments in Bitcoin and it could be used for economic empowerment. But later, Musk revealed that he owns three cryptocurrencies.
Elon Musk’s Trading History with Bitcoin
Musk’s relationship with Bitcoin has been complicated on the whole. In February 2021, Tesla bought Bitcoin worth $1.5billion. Musk also announced that it would begin accepting Bitcoin as its payment method.
Because of this news, the rate of Bitcoin and other cryptocurrencies rises. In April, the cost of Bitcoin reached its all-time high limit of $64,863.10.
Later, in May, Elon Musk shocked Bitcoin traders when he cancels his decision to accept Bitcoin as a payment method for Tesla because of environmental issues. Due to this, the price of Bitcoin reduces.
Because of the conversation misunderstanding on Twitter, the price of Bitcoin fell. A user tweeted that they would not blame Elon Musk for dumping Bitcoin. To this Musk replied, ”Indeed”.
By reading this conversation, many investors believe that Musk may be planning to sell his Bitcoin. However, this confusion gets cleared when Tesla declared that it was not planning to sell its Bitcoin.
Elon Musk believes in the potential of Bitcoin but at the same time, he is worried about the environmental impact of the cryptocurrency. His environmental concerns are valid as its carbon footprint is comparable to the carbon footprint of the whole of Uzbekistan. Furthermore, the electrical energy consumption of currency is comparable to Thailand’s overall power consumption.
Elon Musk’s Trading History with Dogecoin
Musk occasionally tweets about Dogecoin but still, he become the public face of this cryptocurrency. He followed Dogecoin after it is introduced in the market. In one of his posts on Twitter, Musk said that Dogecoin might be his favorite currency since “it is pretty cool”.
In 2020, Musk’s tweets influenced the prices of Dogecoin. However, the major pricing effect was seen during Elon Musk’s appearance as the host of Saturday Night Live. In the show, Musk called himself the “Dogefather”.
Also, in one of the segments, Elon Musk called this currency a “Hustle” and because of this Dogecoin’s price went down for a time.
Better Option for Daily Transactions
Elon Musk said in a recent interview that Dogecoin is the better option for daily transactions as compared to Bitcoin. He also said that Bitcoin is not the right substitute for transactional currency. However, Dogecoin is suited more for transactions.
Elon Musk also announced that Tesla would release the merch that people could buy with Doge. Because of this announcement, the rate of Dogecoin raised by 23%.
Elon Musk’s Trading History with Ethereum
Elon Musk tweeted “Ethereum” in April 2019. His single-word tweet increased the interest of investors in Ethereum. In addition to this, an online conversation began with Ethereum’s co-founder and Musk.
Later in the same year, Musk responded to William Shatner’s tweet by saying he is not building anything using Ethereum. He also said that he is not against Ethereum. He just does not use it nor does he own it.
However, investors thought that Musk owns this currency as he said it’s one of the three currencies in which he has invested.
Wrapping It All Up!!!
Elon Musk is an effective personality and his tweets leave an impact on the value of cryptocurrencies. The price goes high if he said something in favor and at the same time if he disowns the currency the price goes down. But from the above discussion, it is clear that Musk has invested in these three currencies. So if you want the right cryptocurrency for the investment you can select one of them.