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Elon Musk Still Believes 'There Is Merit' in Bitcoin and Some Other Cryptos, but Has No Plans to Promote Them
Elon Musk Still Believes 'There Is Merit' in Bitcoin and Some Other Cryptos, but Has No Plans to Promote Them
The highly-awaited Bitcoin 2024 Conference came and went by without Tesla/SpaceX CEO Elon Musk making an appearance alongside former President Donald Trump
Despite high anticipation, Tesla/SpaceX CEO Elon Musk did not attend the Bitcoin 2024 Conference with former President Donald Trump. However, Musk expressed his thoughts on crypto during the X Takeover podcast.
Musk stated that he believes "there is merit in Bitcoin and maybe some other cryptos." He also admitted to having a preference for Dogecoin (DOGE) due to his fondness for "dogs and memes." Musk's X recently removed the Bitcoin emoji hashtag, which previously allowed users to display the crypto's logo by typing "#Bitcoin."
Musk's involvement in crypto has significantly impacted the prices of Bitcoin, DOGE, and other assets. Tesla's announcement of adding Bitcoin to its balance sheet in early 2021 led to a sharp increase in BTC's value. Tesla later sold some of its Bitcoin holdings and halted its acceptance for electric vehicle purchases.
Currently, Tesla still holds approximately 9,720 Bitcoin, valued at about $653 million, and accepts DOGE for merchandise. Musk has also mentioned that his space exploration company, SpaceX, owns some BTC, ETH, and DOGE.
Crypto enthusiasts have been speculating on the possibility of Musk integrating Dogecoin into X's "everything app" concept. However, Musk's plans reportedly do not include crypto at this time.
DOGE's price stood at $0.1292 at the time of writing, showing a slight decrease of 0.9% for the day and 8.2% over the past week, as the crypto continues to trade sideways.
The path to a $1 DOGE price remains uncertain, but there is hope for the crypto to突破 the psychological resistance zone of $0.20, opening the way for a potential surge to the coveted $1 mark or even higher prices.
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