Is Elon Musk the King of Cryptocurrency?

Elon Musk is the founder of two major companies SpaceX and Tesla, and has also announced that the companies own several cryptocurrencies and bitcoins. It was this year that he admitted that he is the owner of some dogecoins, bitcoins and ethereum as well. This all happened at an event which was hosted by the Crypto Council of Innovation.

He says that he has been holding bitcoins for several years now, and also plans to hold them, long term. He adds that when there are fluctuations in the price of Bitcoins, then he loses money. In the sense, when the price reduces, he loses. Though he says that he doesn’t want to sell Bitcoins when the price of the same increases, since he is keeping them long-term, he does want that bitcoins succeed. If you want to invest in bitcoins, click here.

Also, Tesla was one of the first publicly traded stocks at the time when he owned them. After Musk made such comments, the price of Ethereum rose by about 12 percent and that of Bitcoins increased by 8 percent. It was also noted that the company Tesla may again accept payments in the form of Bitcoins for the cars it sells. Though, it will accept payments only after due diligence is conducted to determine the quantity of renewable energy that is used during the mining process of cryptocurrencies.

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Elon Musk Owns Bitcoins Personally


The strangest part about Elon holding bitcoins is that he is concerned about the impact cryptos have on the environment. He still supports the currency because of the benefits it offers. In February, Tesla Was believed to have invested around $1.5 billion and soon after that the company started accepting payments in bitcoins from people who bought the cars. However, as stated that the company will resume accepting bitcoins, it was in May that the company stopped doing that, since Elon was concerned about the impact it can have on the environment.

The major reason behind suspending this decision was that a considerable amount of electricity was used to mine bitcoins. Must also mentions the volatile nature of Bitcoins and this at times adds sharp swings in the price of Bitcoins. Also, the value of cryptocurrencies gets impacted to a great extent.

He further stated that he owns quite a good amount of bitcoins and the fluctuations affect him financially. Still even after getting affected with price drops, he doesn’t dump the bitcoins and hope for its success. Though, the size of bitcoins that he holds is not specified by him, it can be determined that the number must be great.

Musk holds other cryptos, dogecoins and ethereums as well, but they are a lot less than the number of bitcoins he holds. When the mining of bitcoins will be less reliant on the natural resources of fossil fuels, the company will again start accepting bitcoins. Elon Musk is known as Techno King, because he owns bitcoins beyond one can imagine.

Elon Musk and His Relationship with Bitcoins


He has been repeating his support for Bitcoin in his interviews and he tells people that both of his owned companies own Bitcoins. He genuinely wants bitcoins to succeed in the future and that is why he doesn’t sell them off, even when the prices reduce. He has a great influence on the bitcoin market and it is not surprising to see him support cryptos because of the fact that he is the owner and founder of the two forward thinking companies.

Different Type of Personality on Social Media


Musk loves connecting and engaging with an audience that respects his views and values them. His views are usually on the development of society, on the future of technology, etc. No denying the fact that there are several other personalities on social media with much more following than Elon, but no one has the same type of attention which Musk gets.

The best part about the genuineness of his followers is that they don’t look up to him as an idol, because of his view like others have on a sport, fashion or some music. Musk’s views are much different than most of the celebs on social media, he usually talks about the future of humanity, the development of the world as a whole, etc. Such subjects are influential and have a considerable bearing where many invest their money.

The appearance of Musk is much more apparent in the crypto sphere and it is a completely nascent industry. It introduces several different ways of storing money, wealth, investments and trading to the people.

Despite the controversial profile held by Musk in the crypto sphere, love from the crypto community oozes out for him. This is clearly visible in the dogecoin community and nowhere else.

No denying the fact that Musk has great influence over the crypto sphere and his actions affect the price of bitcoins to a great extent. His influence is unique as well. You will find only a few of the same personality as that of Musk in the cryptosphere who has the same amount of mistrust and respect. You will not find any, with the same fame in the crypto market. This is primarily the reason behind him being known as the king of cryptocurrency.

His great contributions, knowledge and influence on the industry is what makes him the king. The relationship that Musk shares with Crypto is the resultant product of the growth. The effect of Musk is nothing but the result of crypto that exploded into the mainstream.

Final Thoughts

Crypto is expected to pick momentum further, and become more popular, and it will also share a considerable amount of finance. Additionally, it will be a major part of the banking sector as well. With so much to continue, the love and hate relationship of Elon with crypto is expected to continue too.

Elon Musk says that he believes one should invest in Bitcoins or any other crypto to have considerable power in relation to that of the government. He also believes that bitcoin is the native currency of the Internet!