- Elon Musk continues to advocate for Dogecoin and Bitcoin, holding both personally, while SpaceX retains significant Bitcoin holdings, adding credibility to institutional interest in crypto.
- Musk’s comments on Dogecoin’s inflationary model and SpaceX’s Bitcoin stash have sparked optimism, with analysts speculating that this could help drive Bitcoin closer to its $100,000 target, signaling bullish market conditions.
Elon Musk, a vocal advocate for Dogecoin and a major figure in the crypto world, recently shared on X Spaces that he personally holds Dogecoin, Bitcoin, and Ethereum. As revealed in a recent CNF update, Elon Musk’s multi-faceted BTC integration plans are gaining attention.
Additionally, his company SpaceX continues to retain significant Bitcoin holdings despite earlier speculation about reducing exposure. As shared in a recent tweet by DogeDesigner, Musk still owns a substantial amount of Dogecoin, and SpaceX owns a significant amount of Bitcoin.
“I still own bunch of Dogecoin and SpaceX owns bunch of Bitcoin” pic.twitter.com/xupe3Y45e4
— DogeDesigner (@cb_doge) November 18, 2024
Dogecoin Inflation Debate and Musk’s Support
Musk also backed Dogecoin’s inflationary design, calling it a feature rather than a flaw. This was in response to Dogecoin co-creator Billy Markus, who advocated for steady and predictable inflation as an advantage over traditional fiat currencies like the dollar. Musk’s support reinforces Dogecoin’s viability as a functional currency, further bolstering investor confidence.
Institutional Impact of SpaceX’s Bitcoin Holdings
This new development adds to the story of Elon Musk unveiling shocking reasons behind the global shift away from the US dollar to Bitcoin, as shared in a previous CNF post. The revelation that SpaceX continues to hold Bitcoin has fueled optimism in the crypto market. With Bitcoin trading at $92,049 after a 1% daily rise, Musk’s acknowledgment could inspire other institutional investors to follow suit.
Musk’s comments, combined with his leadership role in the “Department of Government Efficiency,” have reignited excitement around Dogecoin, which saw a 25% weekly gain and is now trading at $0.37. This institutional interest could propel Bitcoin toward its long-anticipated $100,000 milestone, signaling a bullish wave across the crypto space.
At the time of writing, Bitcoin (BTC) is currently trading at $91,634.54, having surged by 1.05% in the past day and 4.30% in the past week. See the BTC price chart below.
