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Elon Musk claims to own Bitcoin, Ether, and Dogecoin; Cryptocurrency Market Surges past $32K

Elon Musk claims to own Bitcoin, Ether, and Dogecoin; Cryptocurrency Market Surges past $32K

Elon Musk has pulled it again. The cryptocurrency market soared beyond $32,000 on July 22 after Tesla CEO Elon Musk expressed his desire for Bitcoin to thrive.

The B Word

At a Bitcoin event called “The B Word” on Thursday, SpaceX CEO Elon Musk stated that he owned Bitcoin, Dogecoin, and Ethereum. Outside of his Tesla and SpaceX investments, reportedly, he claimed that cryptocurrency is his most valuable asset. “It’s my largest holding outside of Tesla and SpaceX stock,” Musk stated. Musk was speaking at the event alongside Jack Dorsey, the CEO of Twitter Inc. and Square Inc., and Cathie Wood, the Ark Investment Management CEO.

Elon Musk’s Confession

He further added that Tesla would most certainly start taking bitcoin payments after conducting extensive research into how much renewable energy is required to mine it. He asserted that he was not selling any Bitcoin. On the other hand, he would lose money if the value of the crypto sank.

Musk said:

“I would like to see Bitcoin succeed. If the price of Bitcoin goes down, I lose money. I might pump, but don’t dump. It looks like Bitcoin is shifting more toward renewables. I would want to do a little bit more diligence to confirm the percentage of renewable energy usage is at or above 50%.”

Bitcoin Rises

Bitcoin has risen about 8% since his statements at the occasion. The price of the coin market cap is $32,010.52 at the time of writing this piece. This represents a 7.35 per cent growth in the last 24 hours. On the other note, the price has decreased by 2.18 per cent in the previous week. In the market, Ethereum and Dogecoin also see a similar trend. Ethereum is now selling at $1,972.42, with a higher trend of 9.89% in the last 24 hours and a lower trend of 0.633% over the previous week. The price of Dogecoin has likewise increased by 7.80% to $0.1882.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.