During a discussion on X Spaces, Tesla CEO Elon Musk revealed that he still owns a bunch of dogecoin and his company SpaceX still owns a bunch of bitcoins. This comes at a time when the community is awaiting a rally for these assets and Bitcoin to soon transcend the significant $100,000 mark.
The Tesla CEO has long been a Dogecoin advocate and is also known to cause fluctuations in the price of the meme coin through his endorsements. He had previously revealed that he personally owns DOGE alongside BTC and ETH. This recent comment has incited excitement within the community.
Additionally, Musk’s involvement as the leader for the “Department of Government Efficiency” has also reignited interest in Dogecoin. Since the recent announcement, the meme coin has seen an approximately 25% surge in its weekly gains. It is currently trading at $0.37, up over 2% in the last 24 hours.
The market has also reacted positively to news of SpaceX retaining its Bitcoin holdings, particularly after previous reports suggested that there had been a potential reduction in their crypto exposure.
Musk Defends DOGE
Recently Musk had supported Dogecoin saying “I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug,” which was in response to Dogecoin co-creator Billy Markus who had suggested users propose removing Dogecoin’s inflation if they don’t like it.
Markus had noted that adding inflation “is ideal for something intended as a currency, steady predictable inflation with a percentage that goes down” which is “much, much lower than the dollar.”
With the market currently bullish, the comments from Musk regarding Space X holding a considerable amount of BTC, could cause hype in the market. Since Space X is an institution, this comment could also influence other institutional investors to invest in BTC, which could cause an uproar in the community and a surge in it price. Currently, Bitcoin is trading at $92,049, up over 1% in the last 24 hours.
