Elon Musk Still Owns a 'Bunch' of Dogecoin, and SpaceX Has 'a Significant Amount' of Bitcoin

Elon Musk, a vocal advocate for Dogecoin and a major figure in the crypto world, recently shared on X Spaces that he personally holds Dogecoin, Bitcoin

Elon Musk, a major figure in the crypto world and a vocal advocate for Dogecoin, recently shared on X Spaces that he personally still holds Dogecoin, Bitcoin, and Ethereum.

As part of a recent CNF update, Elon Musk’s multi-faceted BTC integration plans came to light.

Furthermore, despite earlier speculation about reducing exposure, his company SpaceX still retains significant Bitcoin holdings. According to a recent tweet by DogeDesigner, Musk still owns a substantial amount of Dogecoin, and SpaceX owns a significant amount of Bitcoin.

“I still own bunch of Dogecoin and SpaceX owns bunch of Bitcoin” pic.twitter.com/xupe3Y45e4

— DogeDesigner (@cb_doge) November 18, 2024

Dogecoin Inflation Debate and Musk’s Support

In related news, Musk backed Dogecoin’s inflationary design, calling it a feature rather than a flaw. This was in response to Dogecoin co-creator Billy Markus, who advocated for steady and predictable inflation as an advantage over traditional fiat currencies like the dollar. Coming from a major crypto figure like Musk, this support could further legitimize Dogecoin’s status as a functional currency, boosting investor confidence in the asset.

Institutions Impacted by SpaceX’s Bitcoin Holdings

This new development adds to the story of Elon Musk unveiling shocking reasons behind the global shift away from the US dollar to Bitcoin, as shared in a previous CNF post. The revelation that SpaceX continues to hold Bitcoin has fueled optimism in the crypto market. With Bitcoin trading at $92,049 after a 1% daily rise, Musk’s acknowledgment could inspire other institutional investors to follow suit.

Musk’s comments, combined with his leadership role in the “Department of Government Efficiency,” have also reignited excitement around Dogecoin, which saw a 25% weekly gain and is now trading at $0.37. This institutional interest could propel Bitcoin toward its long-anticipated $100,000 milestone, signaling a bullish wave across the crypto space.

At the time of writing, Bitcoin (BTC) is currently trading at $91,634.54, having surged by 1.05% in the past day and 4.30% in the past week. See the BTC price chart below.

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