When Elon Musk tweets, cryptocurrency buyers concentrate. The Tesla (NASDAQ:TSLA) and SpaceX CEO has lengthy been a vocal proponent of cryptocurrencies.
Generally, although, cryptocurrency buyers may pay an excessive amount of consideration to Musk. As a working example, when Musk tweets photos of his Shiba Inu pet, the worth of digital coin Shiba Inu (CRYPTO:SHIB) tends to rise. Does a photograph of a billionaire’s canine actually make the cryptocurrency extra precious? In fact not.
Listed here are the one cryptocurrencies Mush really owns — and Shiba Inu is not one in all them.
Again in 2017, rumors circulated that Musk was really the actual particular person behind Satoshi Nakamoto, the mysterious creator of Bitcoin (CRYPTO:BTC). Musk denied these rumors. Nonetheless, he is definitely been an enormous fan of Bitcoin for fairly some time.
The billionaire stated in an ARK Make investments podcast in early 2019, “Paper cash goes away. Crypto is a much better option to switch worth than items of paper, that is for positive.” He particularly lauded Bitcoin, stating that the expertise behind it’s “fairly good.”
Earlier this yr, Tesla introduced that it purchased $1.5 billion of Bitcoin. It even started accepting the cryptocurrency as cost for its electrical automobiles. That lasted solely a few months, although, resulting from issues in regards to the power consumption required to mine Bitcoin. Musk later stated that Tesla will doubtless resume accepting the cryptocurrency.
For a very long time, Musk had solely a small place in Bitcoin. As lately as early 2019, he stated that he owned simply 0.25 Bitcoins that got to him by a buddy. Nonetheless, he confirmed over the summer season that Bitcoin is his largest cryptocurrency holding and plans to carry it for the long run.
Musk has virtually turn out to be the general public face of Dogecoin (CRYPTO:DOGE). His ties to the cryptocurrency date again at the least three years. In 2018, Musk reached out to Dogecoin creator Jackson Palmer for assist eradicating rip-off bots from his Twitter account.
The next yr, Musk revealed in a tweet, “Dogecoin is perhaps my favourite cryptocurrency. It is fairly cool.” He even received the vote in an April Idiot’s Day ballot taken by Dogecoin’s official Twitter account asking which CEO would hypothetically be the very best CEO for the digital coin. Musk would later briefly change his Twitter profile to learn “former CEO of Dogecoin.”
By 2020, Musk started tweeting every so often about Dogecoin. Every tweet brought on the worth of the digital coin to leap. The most important publicity, although, got here in Might of this yr when the Tesla chief hosted Saturday Evening Stay. Musk publicly proclaimed himself “the Dogefather” on the present. Nonetheless, Dogecoin plunged when in one of many SNL segments he stated that the cryptocurrency was “a hustle.”
Nonetheless, Musk confirmed over the summer season that he personally owns Dogecoin. He stated that he helps it as a result of it feels “just like the individuals’s crypto.”
Musk’s first public reference to Ethereum (CRYPTO:ETH) wasn’t a optimistic one. The rip-off for which he requested assist from Dogecoin’s creator associated to Twitter customers who posed as well-known individuals supposedly making a gift of massive quantities of Ether tokens.
His one-word tweet in April 2019 stating solely “Ethereum” stoked curiosity within the cryptocurrency. It additionally prompted a web based alternate between Musk and Ethereum co-founder Vitalik Buterin.
The next yr, although, Musk gave the impression to be on the fence about Ethereum. He responded to a tweet from actor William Shatner, stating, “I am not constructing something on ethereum. Not for or towards it, simply do not use it or personal any.”
Musk now appears to have hopped off that fence. Earlier this yr, he disclosed that he owns Ethereum tokens together with Bitcoin and Dogecoin. Will the eccentric billionaire subsequent scoop up the high-flying cryptocurrency named after him — Elonomics? Keep tuned.
This text represents the opinion of the author, who might disagree with the “official” suggestion place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even one in all our personal — helps us all suppose critically about investing and make choices that assist us turn out to be smarter, happier, and richer.