Tesla CEO and Spacex chief Elon Musk has revealed that he still owns “a bunch of dogecoin,” affirming his commitment to keep buying and supporting the meme cryptocurrency. Musk additionally revealed that his company Spacex still owns “a bunch of bitcoin.”
Elon Musk, Tesla, and Spacex Maintain Crypto Holdings
Tesla CEO Elon Musk has revealed that he still owns a bunch of meme cryptocurrency dogecoin (DOGE) and his spacecraft manufacturing company, Spacex, still owns a bunch of bitcoin (BTC). In a discussion on X Space last week, the billionaire said:
I still own a bunch of dogecoin, and Spacex owns a bunch of bitcoin.
Known in the dogecoin community as the Dogefather, the Tesla CEO has long been a supporter of the meme crypto. He previously revealed that he personally owns DOGE alongside BTC and ETH. In June 2022, Musk said that he will keep buying and supporting dogecoin.
Tesla and Spacex currently accept dogecoin for some merchandise and Musk’s Boring Company also accepts DOGE payments for rides on the Las Vegas Transit System loop. The billionaire has offered to eat a Happy Meal on TV if McDonald’s accepts payments in dogecoin. While most DOGE supporters welcome Musk’s endorsement, some investors sued the billionaire, alleging that he and his companies “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.” Musk has asked the judge to dismiss the lawsuit, insisting that tweeting support for DOGE isn’t unlawful.
Musk also previously revealed that Spacex owned bitcoin while his electric vehicle company, Tesla, disclosed net digital assets of $184 million in the company’s Q3 balance sheet. Tesla invested $1.5 billion in BTC in Q1 2021 but sold 75% of its holdings in Q2 2022. Musk explained at the time that the company is “certainly open” to increasing its bitcoin holdings in the future, noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
However, the Tesla boss said in December last year that he doesn’t spend a lot of time thinking about cryptocurrency. He has stressed that none of his companies will ever create a crypto token. His social media platform, X, has secured 12 money transmitter licenses. Musk plans to turn X into a “powerful” financial platform, which many hope will include cryptocurrency. Musk has said that users won’t need a bank account to make financial transactions on X. In May last year, he shared a “massive incentive” to move money out of bank accounts.
Source: Bitcoin
