Elon Musk is bullish on Bitcoin

15 Nov 2022

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.”