Elon Musk Announces He Will Keep His Cryptos

Elon Musk, the founder of Tesla and SpaceX, recently caused another minor crypto rally after tweeting that he intends to keep his cryptocurrencies during this time of uncertainty. Musk stated that it is better to own physical things, such as a home or stock in companies that make good products–rather than dollars–during periods of high inflation. He followed that with an example of himself still owning his Bitcoin, Ethereum, and Dogecoin, adding that he will not sell his cryptocurrencies.

The Crypto Industry Once Again Reacts to Elon Musk’s Tweets

Musk has been tweeting about cryptocurrencies for years; every time he mentions them on his Twitter, he causes a small price surge in the cryptocurrency he addresses. This was most commonly seen with Dogecoin. His constant mentions of it in early 2021 helped spark a DOGE surge that took the coin’s price to a new all-time high at the time.

Similarly, after the newest tweet, published earlier today, March 14th, the coins Musk mentioned in his announcement got a quick boost. Bitcoin itself jumped by 2.9%, Ethereum went up by 2.3%, and Dogecoin jumped the most, going up by 3.8%.

Elon Musk’s Connection to the Crypto Industry on the Rise

In his early days of involvement with the crypto industry, Musk would tweet crypto memes or one-word posts that did not really make it clear where he stands on crypto, or whether he was an investor or not. This changed over time, and the world’s most popular billionaire slowly started getting more involved and more open about his thoughts on the matter.

He now monitors the market and often publishes his remarks on social media. Sometimes such remarks impact the prices. Today’s event is one example, and another was seen earlier this year, in January, when DOGE surged after Musk announced that Tesla will accept DOGE in exchange for its company’s merchandise.

Another example of how much influence Musk and Tesla have on the crypto industry was seen in mid-May 2021 when Musk announced that Tesla would stop accepting Bitcoin payments for its cars. (The company started accepting BTC in early 2021, but after seeing how much energy BTC mining required, Tesla decided to no longer accept the digital currency as a means of payment.)

Musk saw this as an opportunity to point out Bitcoin’s problems and inspire developers to engineer a solution. But so far, not much has changed for BTC.

According to his new tweet, Musk has not sold his Bitcoin, as well as his Ethereum and Dogecoin. Also, Tesla has not sold the BTC it bought or received from its customers.

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