Elon Musk is once again making crypto headlines following bullish comments he made about Bitcoin and Dogecoin. 

The CEO of Tesla and SpaceX and the Twitter chief said Bitcoin – the world’s largest cryptocurrency – “will make it, but might be a long winter,” in response to a Twitter user who asked where the price of BTC might be in a year’s time. 

Musk’s comment could have bolstered the Bitcoin price as immediately after the tweet, the price soared from under $16,000. At the time of writing, Bitcoin is trading at $16,925.

Elon Musk previously announced he personally owns Bitcoin, along with Tesla and SpaceX. According to the latest financial filings with the U.S. Securities and Exchange Commission, the organisation holds around $218 million in digital assets, Bitcoin.com reports. Back in July, Tesla sold 75% of its Bitcoin holdings. Yet he’s stated several times that the largest cryptocurrency is suitable as a store of value, adding after the Bitcoin sale: “We are certainly open to increasing our Bitcoin holdings in [the] future, so this should not be taken as some verdict on Bitcoin.”

In addition, Musk also made a bullish comment regarding meme crypto Dogecoin (DOGE), which culminated in a price surge. Over the weekend, Musk said on Twitter: “Doge to the moon.”

The Tesla CEO has been an advocate for DOGE for a long time and revealed he would continue buying and supporting the meme cryptocurrency. He once stated Dogecoin “has potential as a currency.”

However, deVere boss Nigel Green has warned investors on several occasions of the costly consequences of FOMO (Fear Of Missing Out), and not to invest in a digital asset just because others are doing it: “I would avoid piling into crypto pumped by social media influencers. If you do want the thrill or novelty or chasing big gains, you really should ensure that you have a sound, diversified, long-term plan beforehand. There’s a major difference between investing and gambling.”