Elon Musk Affirms Active Crypto Holdings: "Loads of Dogecoin" and Bitcoin Revelations at Tesla and SpaceX

In a recent discussion on X Space, Tesla CEO Elon Musk provided insights into his continued cryptocurrency holdings. Musk confirmed that he still owns "a bunch of dogecoin," emphasizing his commitment to supporting the meme cryptocurrency. Additionally, he disclosed that his aerospace manufacturing company, SpaceX, retains ownership of "a bunch of bitcoin."

Musk's Ongoing Support for Dogecoin

Known as the Dogefather within the dogecoin community, Elon Musk has been a vocal supporter of the meme cryptocurrency. He reiterated his personal ownership of DOGE, along with bitcoin (BTC) and ethereum (ETH). Musk expressed his dedication to buying and endorsing dogecoin, a sentiment he initially shared in June 2022.

Tesla and SpaceX, under Musk's leadership, actively incorporate cryptocurrencies into their operations. Tesla accepts dogecoin for certain merchandise, while SpaceX holds bitcoin in its corporate reserves.

Cryptocurrency Integration in Musk's Ventures

Tesla, the electric vehicle giant, previously invested $1.5 billion in BTC in Q1 2021 but later sold 75% of its holdings in Q2 2022. Despite the sale, Musk emphasized the company's openness to increasing its bitcoin holdings in the future. He cited concerns about liquidity amid Covid shutdowns in China as the reason for the sale.

While Musk has shown continued interest in cryptocurrency, he mentioned in December of the previous year that he doesn't dedicate significant thought to the digital asset space. Moreover, he asserted that none of his companies would create a crypto token.

X: A Potential Financial Platform

Elon Musk's social media platform, X, has secured 12 money transmitter licenses, indicating a move towards financial services. Musk envisions turning X into a "powerful" financial platform, with expectations of cryptocurrency integration. Users may conduct financial transactions on X without requiring a traditional bank account, according to Musk.

Despite Musk's active involvement in the crypto space, he faces legal challenges, with investors alleging involvement in a crypto pyramid scheme related to dogecoin. Musk has sought to dismiss the lawsuit, arguing that expressing support for DOGE through tweets is not unlawful.

As Musk continues to navigate the crypto landscape, his ventures Tesla and SpaceX maintain a foothold in the ever-evolving world of digital assets.