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manuj’s blog

January 24, 2022

What Does Elon Musk Think About Cryptocurrency

two physical doge coin or alt coin

Cryptocurrency is the product of the future. Many millionaires and billionaires have invested their money into it. 

However, nobody seems to have more influence over cryptocurrency than the richest man himself. And he doesn’t shy away from sharing his thoughts. 

The founder of Tesla, SpaceX, and generally known as the tech Mughal is famous for making headlines related to crypto. 

His Tweets definitely impact the cryptocurrency markets and spark a lot of conversation. Which ultimately makes the market more volatile but also benefits the crypto space. 

Therefore, before you decide to invest in cryptocurrency, you need to find out what Elon Musk really thinks about it. So that you can make an educated decision before you read and hear more news. 

Does Elon Musk Believe in Cryptocurrency? 

There’s still a lot of skepticism around the whole blockchain technology — especially about cryptocurrencies like Bitcoin. 

Bitcoin has been widely criticized as a bubble that’s bound to pop. And Musk has also shared some of those views previously. He even made a joke about cryptocurrency being used for buying fentanyl on the dark web.

But is he really against cryptocurrency and its underlying technology? The answer is a big NO. 

“Crypto[currency] is a far better way to transfer value than pieces of paper, that’s for sure.” Elon Musk meme

In 2019, he first came out in support of Bitcoin and blockchain technology and stated:

“Crypto[currency] is a far better way to transfer value than pieces of paper, that’s for sure.”

And ever since, he has always been a promoter of cryptocurrency. 

He was among the first to accept Bitcoin payments for space travel on his company SpaceX and has encouraged his fans to buy Bitcoin when it was still trading at $2,000. 

He also said in another interview with Bloomberg Businessweek that he is even considering creating his own cryptocurrency for Tesla. And The token would reward drivers who let their car mine digital coins when parked.

However, despite the support for cryptocurrency, his main worry throughout was bitcoin’s environmental concerns. But he stays a believer of crypto technology as he and his two companies — Tesla and SpaceX still have investments in Bitcoin. 

But of course, it’s not about Bitcoin but the technology behind it. As the Billionaire’s love for cryptocurrency is due to its decentralized nature and lack of government regulation. 

Now that we know what Elon Musk thinks about Cryptocurrency, you might be wondering what his crypto portfolio looks like. Well, let’s find out. 

Which Cryptocurrency Does Elon Musk Have? 

Elon Musk doesn’t only tweet about Crypto but he also is an investor. However, he doesn’t always own what he might tweet about. 

For example, several times in 2021, the price of an altcoin called shiba inu appeared to rise after Musk repeatedly tweeted images of his shiba inu puppy.

However, he replied in a recent tweet that he doesn’t own any shibu inu coins. 

Elon Musk in a tweet says he doesn’t hold any shiba-inu cryptocurrency

But in the same tweet, he told us that he does own Bitcoin, Ether, and Dogecoin. 

Moreover, he confirmed in July at The B-Word Conference that he personally owns the cryptocurrency and has held it for a long time. Though he didn’t provide specific figures, Musk stated that bitcoin is his largest cryptocurrency holding, followed by ethereum and dogecoin.

The tech enthusiast also stated that he has no plans to sell any of his bitcoin in the near future.

“If the price of bitcoin goes down, I lose money. I might pump, but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that,” Musk said. “I would like to see bitcoin succeed.”

Elon Musk and Dogecoin

Elon musk meme and tweet about dogecoin
Photo credits: Elon Musk/Twitter

Now we already mentioned a lot about bitcoin and we also know that Elon Musk supports ethereum. So let’s cover a meme-inspired cryptocurrency that Musk called a ‘people’s crypto.’

According to Musk, it all started when he heard from his employees. He mentions:

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge,” Elon said. “They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge — it felt like the people’s crypto.”

Musk always seems to mention dogecoin wherever he goes. Once he even joked about dogecoin becoming the future reserve currency.

In a TMZ video in May, he answers why dogecoin is still valuable:

“The point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrency — fate loves irony. What would be the most ironic outcome? The currency that started as a joke in fact becomes the real currency. To the moon!”

However, do remember that a lot of people lose their money because Elon Musk or other celebrity hypes the digital currency. Many times it’s not a wise decision to invest in something because it’s trending on social media. 

Is Crypto a Good Investment in 2022

Look, it’s possible to become pretty wealthy if you invest in cryptocurrency. However, you might also end up losing all of your money. Because the fact is — the cryptocurrency stays as a volatile, risky, and speculative investment even today. 

BUT, that doesn’t mean it’s a bad technology (or investment). Let me explain. 

It’s not just enthusiasts who are looking into cryptocurrencies. Professional investors are now becoming more involved, building much-needed financial infrastructure. Institutions are starting to incorporate crypto-related services into their traditional offerings, including custodial support that will let them manage and protect their crypto assets.

An investment in other assets is just as risky as a crypto investment. Before investing, it is always wise to conduct thorough research.

Get First Class Investment Assessment Now.jpg

While other factors continue to influence the riskiness of cryptocurrency, the technology behind cryptocurrency is not going to stop. 

More and more companies are coming towards adopting the technology — which is a sign of maturity. It’s not just institutional investors who are investing in crypto, but retail investors are considering it an asset to invest in. 

The key here is to research the future of the crypto you’re looking to invest in. Look what they are building and how the project is going to stand the test of time. 

Wrapping Up 

Cryptocurrency is not a synonym for easy money, but a digital ecosystem. It’s a digital asset designed to work as both a decentralized medium of exchange and a decentralized method for transferring that same asset from one person to another. 

Cryptocurrencies are not a fad or trend anymore. It is evident from the growing number of investors flocking to these coins and tokens, as well as other types of cryptocurrencies. 

But cryptocurrencies should be taken seriously as a viable choice for investment. They should not be rejected because previous investments have failed, or because one or two were scams.

In the end, you’ll have to make your own decisions as to whether or not you’ll invest in cryptocurrency based on your own research and interest. There’s certainly a lot of room for growth, but as always, it’s a wise idea to proceed with caution.

Related: Elon Musk daily routine

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