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Musk Keeps His Hold on Several Cryptocurrency Holdings
- Elon Musk confirmed he still holds a substantial amount of Dogecoin, while his companies SpaceX and Tesla have significant investments in Bitcoin.
- Tesla’s Bitcoin holdings have decreased from their peak due to environmental concerns, now valued at about $275 million, making Tesla the third-largest Bitcoin holder among public companies.
- Musk’s influence on the crypto market, particularly Dogecoin, appears to be waning, as recent mentions have not significantly impacted its price.
Elon Musk, the renowned business magnate behind Tesla and SpaceX, recently confirmed his and his companies’ ongoing investments in cryptocurrencies, specifically Dogecoin and Bitcoin. Despite the volatile nature of the crypto market, Musk disclosed that he personally holds a significant amount of Dogecoin, while SpaceX has invested in Bitcoin.
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Musk and Tesla’s Bitcoin Holdings
Tesla, another of Musk’s high-profile ventures, is also deeply invested in Bitcoin. The electric vehicle giant is reported to own nearly 10,000 bitcoins, which, as per their 2023 quarterly report, are valued at approximately $275 million. This sizeable investment ranks Tesla as the third-largest Bitcoin holder among public companies. However, it’s noteworthy that Tesla’s Bitcoin assets have decreased from a peak of $1.5 billion. This reduction is partly due to Musk’s decision to sell 4,320 bitcoins in 2021 and a significant portion of their holdings in 2022, decisions influenced by concerns over Bitcoin’s environmental impact.
Musk’s engagement with cryptocurrencies, especially Dogecoin, has not been without controversy. His social media posts have often led to significant fluctuations in Dogecoin’s value, attracting criticism and accusations of market manipulation. In 2022, a lawsuit was filed against Musk by Dogecoin investors, alleging him of “transparent cryptocurrency market manipulation” to increase his wealth. However, Musk’s legal team has firmly refuted these allegations, asserting that his remarks on Dogecoin, which started as a joke but now boasts a market capitalization of over $11 billion, were lawful.
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Legal Challenges and Market Influence
The lawsuit further accused Musk of using his appearance on “Saturday Night Live” and posts on social media platforms like Twitter (now known as X) to manipulate Dogecoin’s market value. This raises questions about the ethical boundaries of influential figures commenting on volatile investment assets like cryptocurrencies.
Interestingly, recent times have seen a shift in the impact of Musk’s comments on cryptocurrency prices. His latest references to Dogecoin haven’t spurred significant changes in its market value, suggesting a possible decline in his influence over crypto markets. This change could indicate a maturing cryptocurrency market that is becoming less reactive to individual influencers or a shift in investor sentiment towards more stability and less speculation.
Elon Musk’s involvement in the cryptocurrency space continues to be a subject of both interest and controversy. His personal and corporate investments in Dogecoin and Bitcoin highlight the growing acceptance of digital currencies in the business world. However, the legal challenges and fluctuating market influences he faces underscore the complex interplay between high-profile individuals and the still-evolving world of cryptocurrency.
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The post Elon Musk Claims SpaceX Owns Bitcoin While He Still Owns “Bunch” of Dogecoin appeared first on Bitcoinsensus.
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