The Solely Cryptocurrencies Elon Musk Owns — and Shiba Inu Is not 1 of Them

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When Elon Musk tweets, cryptocurrency traders listen. The Tesla ( TSLA 3.23% ) and SpaceX CEO has lengthy been a vocal proponent of cryptocurrencies.

Typically, although, cryptocurrency traders may pay an excessive amount of consideration to Musk. As a living proof, when Musk tweets footage of his Shiba Inu pet, the value of digital coin Shiba Inu ( SHIB -1.21% ) tends to rise. Does a photograph of a billionaire’s canine actually make the cryptocurrency extra helpful? In fact not.

Listed here are the one cryptocurrencies Mush really owns — and Shiba Inu is not one among them.

Picture supply: Getty Pictures.

1. Bitcoin

Again in 2017, rumors circulated that Musk was really the actual individual behind Satoshi Nakamoto, the mysterious creator of Bitcoin ( BTC -1.99% ). Musk denied these rumors. Nonetheless, he is actually been a giant fan of Bitcoin for fairly some time. 

The billionaire mentioned in an ARK Make investments podcast in early 2019, “Paper cash goes away. Crypto is a much better method to switch worth than items of paper, that is for certain.” He particularly lauded Bitcoin, stating that the know-how behind it’s “fairly good.” 

Earlier this 12 months, Tesla introduced that it purchased $1.5 billion of Bitcoin. It even started accepting the cryptocurrency as cost for its electrical vehicles. That lasted solely a few months, although, on account of issues concerning the power consumption required to mine Bitcoin. Musk later mentioned that Tesla will doubtless resume accepting the cryptocurrency.  

For a very long time, Musk had solely a small place in Bitcoin. As lately as early 2019, he mentioned that he owned simply 0.25 Bitcoins that got to him by a good friend. Nonetheless, he confirmed over the summer season that Bitcoin is his largest cryptocurrency holding and plans to carry it for the long run.

2. Dogecoin

Musk has virtually grow to be the general public face of Dogecoin ( DOGE -2.70% ). His ties to the cryptocurrency date again not less than three years. In 2018, Musk reached out to Dogecoin creator Jackson Palmer for assist eradicating rip-off bots from his Twitter account. 

The next 12 months, Musk revealed in a tweet, “Dogecoin could be my favourite cryptocurrency. It is fairly cool.” He even gained the vote in an April Idiot’s Day ballot taken by Dogecoin’s official Twitter account asking which CEO would hypothetically be one of the best CEO for the digital coin. Musk would later quickly change his Twitter profile to learn “former CEO of Dogecoin.”

By 2020, Musk started tweeting from time to time about Dogecoin. Every tweet induced the value of the digital coin to leap. The most important publicity, although, got here in Might of this 12 months when the Tesla chief hosted Saturday Night time Reside. Musk publicly proclaimed himself “the Dogefather” on the present. Nonetheless, Dogecoin plunged when in one of many SNL segments he mentioned that the cryptocurrency was “a hustle.” 

Nonetheless, Musk confirmed over the summer season that he personally owns Dogecoin. He mentioned that he helps it as a result of it feels “just like the folks’s crypto.” 

3. Ethereum

Musk’s first public reference to Ethereum ( ETH -2.37% ) wasn’t a constructive one. The rip-off for which he requested assist from Dogecoin’s creator associated to Twitter customers who posed as well-known folks supposedly freely giving giant quantities of Ether tokens. 

His one-word tweet in April 2019 stating solely “Ethereum” stoked curiosity within the cryptocurrency. It additionally prompted a web-based trade between Musk and Ethereum co-founder Vitalik Buterin. 

The next 12 months, although, Musk appeared to be on the fence about Ethereum. He responded to a tweet from actor William Shatner, stating, “I am not constructing something on ethereum. Not for or in opposition to it, simply do not use it or personal any.” 

Musk now appears to have hopped off that fence. Earlier this 12 months, he disclosed that he owns Ethereum tokens together with Bitcoin and Dogecoin. Will the eccentric billionaire subsequent scoop up the high-flying cryptocurrency named after him — Elonomics? Keep tuned. 

This text represents the opinion of the author, who could disagree with the “official” advice place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis – even one among our personal – helps us all suppose critically about investing and make choices that assist us grow to be smarter, happier, and richer.


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