In a recent statement, Elon Musk, the CEO of Tesla and SpaceX, confirmed his ongoing support for the meme cryptocurrency Dogecoin. Musk disclosed that he continues to hold a significant amount of Dogecoin, and he expressed his commitment to continue purchasing and endorsing this digital asset. Furthermore, Musk mentioned that SpaceX, his aerospace company, also retains a substantial quantity of Bitcoin.
CEO of Tesla, Elon Musk, disclosed on X Space last week that he is still in possession of a significant amount of the meme cryptocurrency dogecoin (DOGE), while his spacecraft manufacturing company, SpaceX, still holds a substantial amount of bitcoin (BTC).
Elon Musk, also known as the Dogefather within the dogecoin community, has been a staunch supporter of the meme cryptocurrency. He has made it known in the past that he personally owns dogecoin, as well as bitcoin and ethereum. In fact, as recently as June 2022, Musk stated his intention to continue buying and supporting dogecoin.
It is worth noting that both Tesla and SpaceX currently accept dogecoin as a form of payment for certain merchandise. Additionally, Musk's Boring Company also allows DOGE payments for rides on the Las Vegas Transit System loop.
In a light-hearted gesture, Elon Musk has even offered to eat a Happy Meal on TV if McDonald's starts accepting payments in dogecoin. While many supporters of dogecoin appreciate Musk's endorsement, there have been instances of investors suing the billionaire. These investors have alleged that Musk and his companies are involved in a crypto pyramid scheme, also known as a Ponzi scheme.
Elon Musk has requested the judge to dismiss the lawsuit against him, asserting that expressing support for dogecoin through tweets is not illegal.
In addition to his revelation about SpaceX owning bitcoin, Elon Musk also disclosed that Tesla, his electric vehicle company, reported $184 million in net digital assets on the company's Q3 balance sheet. In Q1 2021, Tesla made a significant investment of $1.5 billion in bitcoin (BTC). However, in Q2 2022, the company sold 75% of its bitcoin holdings. Elon Musk explained that the decision to sell was influenced by concerns over Tesla's overall liquidity, “given Covid shutdowns in China.”.
Although Elon Musk previously stated in December of last year that he doesn't spend much time thinking about cryptocurrency, he has made it clear that none of his companies will create their own cryptocurrency token. Elon Musk's social media platform, X, has successfully obtained 12 money transmitter licenses. Musk has expressed his intention to transform X into a robust financial platform, which many speculate may involve the integration of cryptocurrency.
Elon Musk has stated that users will not require a bank account to conduct financial transactions on X. In fact, he has even provided a 'massive incentive' to encourage people to move their money away from traditional bank accounts.
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