Crypto Market Sees Mild Gains After Elon Musk Says He Is Not Selling His Crypto Stash

In a tweet on Monday, Tesla CEO Elon Musk said he would not sell his crypto stash, which includes Bitcoin, Ethereum and Dogecoin. This statement from the billionaire, like many in the past, led to a mild spike in the prices of the named cryptocurrencies. 

Bitcoin gained 3.36% immediately after the tweet before retracing and is currently trading 0.8% on the daily chart. Ethereum also reacted and gained 2.3% before retreating while Dogecoin rose by 3.8% before falling by 1.20% during the early hours of the day.  This surge in the price of DOGE, however, does not overrule the general underperformance of the leading memecoin in the past few weeks.

Elon Musk Still HODLing Crypto

It all started with Elon Musk asking a question on Twitter on Sunday, about people’s thoughts on probable inflation rates over the next few years. In response, Michael Saylor, a prominent Bitcoin bull and the CEO of business intelligence firm MicroStrategy, replied. 

“Weaker currencies will collapse, and the flight of capital from cash, debt, & value stocks to scarce property like #bitcoin will intensify.”

Observers felt the MicroStrategy boss made that statement as a result of the recent loss the company faced from the steep drop in Bitcoin’s price. Musk, for instance, retorted to Saylor’s remark, saying:

“It is not entirely unpredictable that you would reach that conclusion,”

The Tesla CEO also noted that it was better to own physical assets like real estate or stocks in good companies than the US dollar when inflation is high.

Finally, he reiterated that he is still hodling and will not sell his BTC, ETH, and DOGE.

Meanwhile, this is not the first time the market has reacted to Musk’s comments. there have been many cases of price surges or declines following comments from the billionaire as his electric car company, Tesla, is considered a whale in the crypto market. 

While some crypto enthusiasts are skeptical about the sudden increase in these crypto assets after Musk’s recent comments, saying it is all manipulation of the market by whales, others still have high hopes that the market will see a bullish effect in the future.

But one thing is clear: Elon Musk is bullish about Bitcoin, Ethereum, and Dogecoin, despite his lack of support for the concepts of Metaverse and Web3.

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  • bitcoinBitcoin (BTC) $ 16,249.54 1.53%
  • ethereumEthereum (ETH) $ 1,178.78 2.76%
  • bnbBNB (BNB) $ 297.43 5.34%
  • xrpXRP (XRP) $ 0.383636 4.25%
  • solanaSolana (SOL) $ 13.39 5.26%
  • terra-luna-2Terra (LUNA) $ 1.55 0.8%