Elon Musk, the billionaire tech investor and CEO of Tesla, has reiterated his bullish stance on Bitcoin (BTC), saying that the flagship digital asset will rise again despite the current bear market. Musk noted in a Monday tweet that “BTC will make it” but warned of a long winter ahead.
BTC will make it, but might be a long winter
— Elon Musk (@elonmusk) November 14, 2022
Musk’s statement was in response to a tweet from American internet entrepreneur Jason Calacanis, who asked his followers where BTC would be in another year after the digital asset price fell to $16,000 from its November 2021 peak of $69,000.
Since the beginning of this year, BTC has lost more than 70% of its value. The decline results from several factors, including macroeconomic situations, the multi-billion Terra collapse in May, and this month’s FTX exchange collapse.
However, the price of BTC surged from its pricing in the early hours of Monday following Musk’s comments on BTC. Shortly after Musk’s tweet, the digital asset surged from $15,900 to nearly $17,000.
Musk’s latest comments sparked a reaction from Crypto Twitter, given that the billionaire rarely tweets about bitcoin but constantly tweets about Dogecoin (DOGE). One Twitter user called “Serious Gemini” responded to Musk’s tweet by saying that the Tesla CEO must have mistaken DOGE for bitcoin by misspelling it. The billionaire responded jokingly, saying that it was apparent.
Meanwhile, despite always making tweets about DOGE, Musk has, on a few occasions, made bullish statements about bitcoin. The tech billionaire, who recently acquired Twitter for $44 billion, revealed last year that he owns bitcoin and has held it long-term.
Tesla Remains One of the Largest Holders of BTC
On the other hand, in July, his electric car company, Tesla, announced that it sold 75% of its bitcoin holdings worth $936 million at the time.
Despite the sale, Tesla still holds $212 million BTC on its balance sheet. The figures make the company one of the largest corporate BTC holders.
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