Bitcoin is Going to Make It — Dogecoin to the Moon – Markets and Prices Bitcoin News

Tesla CEO and Twitter chief Elon Musk has made bullish statements about bitcoin and dogecoin despite selloffs in the crypto market. He said bitcoin “will make it” and “DOGE to the moon.” Amid the crypto winter and chaos surrounding the bankrupt crypto exchange FTX, Musk believes there is a future for bitcoin, ethereum and dogecoin.

Elon Musk thinks Bitcoin is ‘going to make it’

Tesla, Spacex and Twitter chief Elon Musk commented on the future of bitcoin on Monday. In response to a Twitter user who asked where the price of the cryptocurrency will be in another year, given that the crypto is currently trading at around $16,000, down from around $69,000 a year ago, Musk wrote : “BTC will make it, but it might be a long winter.”

Elon Musk: Bitcoin is going to make it — Dogecoin to the moon

Musk’s comment may have pushed up the price of bitcoin. Immediately after he tweeted, the price of BTC surged sharply from below $16K. At the time of writing, bitcoin is trading at $16,987.

The billionaire, who recently acquired social media giant Twitter, previously revealed that he personally owns bitcoin, just like Tesla and Spacex. Tesla’s latest financial filings with the US Securities and Exchange Commission (SEC) showed that the company owns approximately $218 million in digital assets. In July, the electric car company sold 75% of its BTC holdings.

Musk has said on several occasions that bitcoin is suitable as a store of value. Despite Tesla’s sale of BTC, the billionaire’s CEO stressed: “We are certainly open to increasing our bitcoin holdings [the] future, so this should not be taken as a judgment on bitcoin.

Musk says Dogecoin ‘to the moon’

Tesla’s CEO also recently made a bullish comment about the meme cryptocurrency dogecoin (DOGE), which resulted in a price hike. In a Twitter Space discussion Saturday, he exclaimed:

Doge to the moon.

Musk has long been a supporter of the meme crypto; he is also known to the DOGE community as the Dogefather. The billionaire previously revealed that he owns some dogecoins and will continue to buy and support the meme cryptocurrency. He believes that dogecoin “has potential as a currency”.

Tesla currently accepts dogecoin for some merchandise. Musk also said that Spacex will soon do the same. His Boring Company also accepts the meme coin for some rides. Its newly acquired social media platform, Twitter, recently filed paperwork to run a payments business. Dogecoin supporters believe Musk plans to integrate DOGE payments into Twitter.

Musk on the future of crypto

Musk was asked about the future of cryptocurrencies given the FTX implosion at the Twitter Space event Saturday.

“I would like to reaffirm that if you have crypto, you should have it in a readily accessible cold wallet. Not in exchange. That would be sensible,” he advised, explaining:

I think there is probably a future for bitcoin, ethereum and doge. I can’t really talk to the others. But if you have one of those three in a cold wallet and on a purse, I think it works out well.

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Do you agree with Elon Musk about bitcoin and dogecoin? Let us know in the comments below.

Kevin Helms

Austrian economics student Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests are in Bitcoin security, open source systems, network effects and the intersection between economics and cryptography.

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