Elon Musk on His Crypto Portfolio

Elon Musk on His Crypto Portfolio

November 25, 2021 0 By Stephen Callahan

Cryptocurrencies are one of the most talked-about topics in the tech industry. Most businesses today have started accepting crypto currencies as a mode of payment for goods and services. Elon Musk, the CEO of Tesla and SpaceX, has been one of the most vocal personalities on Cryptocurrencies. He has often tweeted about different Cryptocurrencies, affecting impacting their prices. An example is the fluctuating prices of Shiba Inu, an altcoin whose price changed after Elon posted images of his Shiba Inu puppy on Twitter.

In the past, there have been speculations that Elon Musk owns different Cryptocurrencies, Shiba Inu included. However, in a recent tweet, he clarified that he only owns Bitcoin, Ethereum and Dogecoin. He went on to encourage people to focus more on developing products and services instead of inventing new forms of money.

During a recent interview, the outspoken tech guru explained his support for Dogecoin, a cryptocurrency that began as a joke close to eight years ago. His interest in the currency developed when he heard about it from his employees, both on the production lines at Tesla and at SpaceX. According to Musk, most of the people he talked to at the time owned Doge despite not being Silicon Valley technologists or financial experts. He decided to support the cryptocurrency, since to him, ”it felt like the people’s crypto.”

As stated before, Elon is not new to the crypto industry; he has often tweeted about cryptocurrencies. His support for Doge began in 2019 when he tweeted several tweets about Dogecoin. Despite not being in contact with Dogecoin developers, Musk has often mentioned working with them since the year began. On a light note, he even suggested that Doge could potentially become the future reserve currency.

During an interview with TMZ in May, Elon stated that Dogecoin was initially created as a mockery of cryptocurrency. However, unbeknown to the developers, the currency ended becoming one of the top traded currencies. It is advisable to tread carefully when it comes to Cryptocurrencies. People are warned against relying on tweets from top executives and other influencers to decide on investing in cryptocurrency.

According to experts, as an investor, it’s best to carry out your research before investing. Financial experts have often viewed Cryptocurrencies as a risky, speculative and volatile investment, encouraging potential investors only to invest if they shoulder the loss. The value of Cryptocurrencies often fluctuates based on different factors. This means you can either profit or lose significantly.