Dogecoin’s price increased by more than 9% after Tesla CEO Elon Musk announced that he would not sell his cryptocurrency holdings. On major platforms, the currency is now trading at $0.11.
In addition to the canine cryptocurrency, the eccentric millionaire owns Bitcoin and Ethereum. Musk first disclosed the nature of his bitcoin holdings in July during “The B Word,” an online seminar. Musk said at the event that he was not interested in manipulating the price of Bitcoin or selling it, adding that he desired the success of the biggest cryptocurrency.
In October, the entrepreneur emphasised that he purchased the three cryptocurrencies “out of curiosity,” while advising his followers not to place their whole financial future in crypto. Musk also disputed ownership of Dogecoin coin Shiba Inu at the time, causing a short price decrease for the canine cryptocurrency.
While the magnitude of Musk’s cryptocurrency assets is unclear, Tesla disclosed in early February that it had more than $2 billion in Bitcoin. In early 2021, the world’s biggest e-car maker invested $1.5 billion in the largest cryptocurrency.
Musk made a subtle dig at MicroStrategy CEO Michael Saylor, who predicted that weaker currencies will crash and capital flight from other assets would “intensify.” The world’s wealthiest man remarked that one of permabull’s responses was not “completely unexpected.”
Musk resorted to Twitter to question his followers what the “likely inflation rate” over the next several years, after the US consumer price index (CPI) increased 7.9 percent year over year, the highest level in more than 40 years.
Billy Markus, co-founder of Dogecoin, also mocked Saylor’s “hyperbolic Bitcoin shilling.” The centibillionaire himself advised his followers to acquire tangible assets or shares in firms that manufacture high-quality goods.