Elon Musk Claims He Won’t Sell His Dogecoin Stash
The price of meme cryptocurrency Dogecoin surged over 9% after Tesla CEO Elon Musk confirmed that he would not be selling his cryptocurrency holdings. The coin is trading at $0.11 on major spot exchanges.
In addition to canine cryptocurrencies, the eccentric centbillionaire owns bitcoin and ethereum.
Musk initially revealed the structure of his cryptocurrency portfolio at “The B Word” at an online conference in July. During the event, Musk clarified that he was not interested in raising the price of bitcoin and selling it, claiming that he wanted the biggest cryptocurrency to be successful.
In October, the entrepreneur clarified that he had purchased three cryptocurrencies “out of curiosity”, while urging his followers not to bet his farm on crypto. Subsequently, Musk also denied owning the Dogecoin coin Shiba Inu, which caused the canine cryptocurrency to experience a temporary price drop.
While the size of Musk’s cryptocurrency holdings is unknown, Tesla Reported The owner of bitcoins worth more than $2 billion in early February. The leading e-car maker bought $1.5 billion in the largest cryptocurrency in early 2021.
thoughts on inflation
Musk took an indirect swipe at Microstrategy CEO Michael Sayer, who predicted that weak currencies would collapse, and the flight of capital from other assets to bitcoin would “intensify.” The world’s richest man joked that a Permabull’s reaction was not “totally unexpected”.
After the US Consumer Price Index (CPI) rose 7.9% a year ago, the highest level in more than 40 years, Musk took to Twitter to ask his followers about “probable inflation rates” over the next few years.
Dogecoin co-founder Billy Marcus also scoffed at Sayer’s “hyperbolic bitcoin shilling”.The centibillionaire himself recommended his followers to own material things or shares in companies that produce high quality products.