As a researcher with a background in technology and finance, I have closely followed Elon Musk’s relationship with cryptocurrencies, particularly Bitcoin and Dogecoin, given his significant influence in both tech and financial markets. Musk’s recent comments during the X takeover podcast have piqued my interest, as they shed new light on his stance towards various digital currencies.
Known advocate for Dogecoin (DOGE), Elon Musk, the CEO of Tesla, has expressed his reservations towards Bitcoin and certain other cryptocurrencies, a stance that might catch many off guard given his previous vocal support for the leading meme coin, Dogecoin.
What Musk Had To Say About Bitcoin And Other Cryptos
During an interview on the X takeover podcast, hosted by Tesla Owners Silicon Valley, Elon Musk stated that he will not actively endorse cryptocurrencies. At best, any mention of crypto might be made humorously. He emphasized, “If you observe me promoting crypto, it’s not me.” This statement indicates that Musk has no personal interest or backing for digital currencies. However, he acknowledges that Bitcoin and some other cryptos have potential value.
In addition to discussing matters concerning Tesla, Elon Musk also expressed his affection towards Dogecoin, mentioning his fondness for “dogs and internet humor” as the reason behind this preference. Previously, it was disclosed that he owns Dogecoin and has shown support for the meme-based cryptocurrency on various occasions. In March, he hinted at Tesla accepting Dogecoin payments in the future.
It’s noteworthy to point out that Elon Musk, known for his connection with Twitter, recently changed his profile picture to one depicting him with laser eyes – a symbol often associated with Bitcoin bullishness. This change sparked speculation among crypto enthusiasts, including Dennis Porter, who suggested that it indicates that the CEO of Tesla may now hold a positive outlook towards Bitcoin, given his link to Donald Trump, who has also shown support for BTC.
Musk’s latest comments indicate that he remains skeptical about Bitcoin and other cryptocurrencies apart from Dogecoin. Contrary to speculation, Musk denied having discussed cryptocurrencies with Trump earlier in May. However, he expressed his support for decentralized currencies as they transfer power away from governments towards the people.
Musk’s Relationship With Bitcoin Is “Neither Here Nor There”
2020 saw Elon Musk expressing ambiguity towards Bitcoin, describing himself as neither fully supportive nor critical of it. This stance persists to this day, four years on. Notably, Tesla adopted Bitcoin payments for vehicle purchases in 2021 but reversed this decision just three months later. Musk disclosed that the company would no longer accept BTC due to concerns about its energy consumption.
Musk previously stated that Tesla would resume accepting Bitcoin for transactions once it was proven that more than half of the cryptocurrency’s mining process relied on renewable energy. However, this condition has not been met yet. Concurrently, Musk disclosed that Tesla had no intentions of selling its current Bitcoin holdings, which amounted to 9,720 BTC or approximately $650 million according to Bitcoin Treasuries data.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD COP PREDICTION
- USD CLP PREDICTION
- USD ZAR PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- PLI PREDICTION. PLI cryptocurrency
2024-07-30 18:12