Bitcoin Will Do It – Dogecoin to the Moon – Markets and Prices Bitcoin News

Elon Musk: Bitcoin Will Make It, Dogecoin to the Moon

Tesla CEO and Twitter CEO Elon Musk has been bullish on bitcoin and dogecoin despite the sell-off in the cryptocurrency market. He said bitcoin would “do it” and “DOGE to the moon”. With the crypto winter and chaos surrounding the bankrupt crypto exchange FTX, Musk believes there is a future for bitcoin, ethereum and dogecoin.

Elon Musk Thinks Bitcoin Will ‘Survive’

The head of Tesla, Spacex and Twitter, Elon Musk, commented on the future of bitcoin on Monday. Asked by a Twitter user what the price of the cryptocurrency would be in a year, given that the cryptocurrency is currently trading at around $16k compared to around $69k a year ago, Musk wrote: “BTC will do it, but it might long winter.

Elon Musk: Bitcoin will do it - Dogecoin to the Moon

Musk’s comment may have driven up the price of bitcoin. Immediately after he tweeted, the price of BTC skyrocketed from below $16,000. At the time of writing, Bitcoin is trading at $16,987.

The billionaire, who recently acquired social media giant Twitter, has previously revealed that he personally owns bitcoin, just like Tesla and Spacex. Tesla’s latest financial filings with the U.S. Securities and Exchange Commission (SEC) revealed that the company owns about $218 million worth of digital assets. In July, the electric vehicle company sold 75% of its holdings in BTC.

Musk has said several times that bitcoin is suitable as a store of value. Despite Tesla’s BTC sale, the billionaire CEO stressed: “We are certainly open to increasing our bitcoin holdings in [the] the future, so this should not be taken as some sort of judgment on bitcoin.”

Musk says Dogecoin is ‘for Moooon’

The Tesla CEO also recently made an upbeat comment about the dogecoin (DOGE) cryptocurrency meme, which caused prices to skyrocket. In a Saturday discussion on Twitter Space, he exclaimed:

Doge to the Moon.

Musk has long been a proponent of meme cryptography; he is sometimes known in the DOGE community as Dogefather. The billionaire previously revealed that he owns several dogecoins and will continue to buy and support the meme cryptocurrency. He believes that dogecoin “has potential as a currency.”

Tesla currently accepts dogecoin to pay for some items. Musk also said that Spacex will soon do the same. His Boring Company also accepts meme coins for some trips. His recently acquired social network Twitter recently filed paperwork to run a payments business. Dogecoin supporters believe that Musk plans to integrate DOGE payments into Twitter.

Musk on the future of cryptocurrencies

Musk was asked about the future of cryptocurrencies during Saturday’s Twitter Space event, given the collapse of FTX.

“I would like to confirm that if you have cryptocurrency, you must have it in a cold wallet with direct access. Not in exchange. It would be wise,” he advised, adding:

I think bitcoin, ethereum and doge probably have a future. I can’t talk to others. But if you have one of these three in a cold wallet and off the exchange, I think it works well.

Tags in this story

doge to the moon, dogecoin to the moon, elon musk, elon musk bitcoin, elon musk bitcoin survive, elon musk crypto Ilona Mask

Do you agree with Elon Musk on bitcoin and dogecoin? Let us know in the comments below.

Kevin Helms

Austrian economics student Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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