- Tram Ho
The billionaire American businessman responded to a thread on Twitter, speculating about his Dogecoin holdings with the message: “I have not and will not sell any Dogecoins.”
This immediately caused the cryptocurrency that Musk regularly promotes on social networks, Dogecoin, to increase in value after many days of falling. Within the last 24 hours, it has increased by almost 30% and is now worth $0.4 per coin.
Declare will not sell any Doge coins.
Earlier, the CEO of Tesla and SpaceX, posted on Twitter a photo of a laptop with a $1 bill sticker on it with the caption: “How many Dogecoins in the window.”
And when social media users take a closer look, this note has a picture of a Shiba Inu dog, the symbol of Dogecoin, in place of George Washington. Musk also said the aforementioned coin was a gift from a longtime Tesla fan.
The photo shares the latest view of Elon Musk.
This is the second time this week that Elon Musk has publicly defended the cryptocurrency, after making an announcement on Twitter that Tesla will hold onto its Bitcoins as the market shows signs of a crash.
He had previously faced criticism from social media users, with some claiming that he sold his Bitcoins when its price was at the top of the market.
He responded by tweeting that the electric car company has a “Diamond Hand,” referring to traders who hold stocks when prices fall with the goal of making long-term profits.
The drop in cryptocurrency value over the past few days, which is said to have started after Elon Musk posted an announcement saying that Tesla is suspending Bitcoin as payment for its electric vehicle orders, because of concerns about the environmental impact of Bitcoin mining.
Elon announced Tesla will not sell Bitcoin holdings.
Since then, however, he has repeatedly said that the company will keep its Bitcoins and will allow the use of the virtual currency to trade again when mining becomes more sustainable.
The Cambridge Center for Alternative Finance has estimated that the annual energy consumption of the Bitcoin industry is on par with the energy consumption of a country the size of Malaysia. And most of the mining is located in regions of China, where electricity is produced cheaply by coal-fired power plants.
Tesla bought $1.5 billion worth of Bitcoin at the end of 2020 when each coin was under $20,000 and sold 10% in early 2021, when the price hit $50,000, making a profit of $101 million.
Source : Genk