Elon Musk’s famous ‘Bitcoin’ X post is now six years old. Interestingly, BTC is up around 1,000% since the world’s richest man supposedly made that post on his X platform. Musk has since said little about what he thinks about the flagship crypto. However, he remains a crypto favorite due to his fondness for the foremost meme coin, Dogecoin (DOGE).
It has been six years since Musk’s X platform made the famous ‘Bitcoin’ tweet in which he asked his followers whether they wanted to buy the flagship crypto. This was long before he bought the social media platform.
Wanna buy some Bitcoin? 😉😉 pic.twitter.com/9ZbBJ5fuVq
— Elon Musk (@elonmusk) October 22, 2018
However, there are doubts that the world’s richest man made the post, considering his reservations about digital assets. Since then, the Bitcoin price has soared around 1,000%, undoubtedly an impressive return for those who took Elon Musk’s X post seriously and bought BTC.
Despite the 2018 X post, Musk has never openly declared his support for the flagship crypto. Earlier this year, he stated that he wouldn’t be promoting Bitcoin or any other crypto and that the most he could do was talk about them jokingly. However, he remarked that cryptocurrencies have their merit. Meanwhile, he admitted having a “soft spot” for Dogecoin because he likes dogs and memes.
Despite Musk’s reservations about Bitcoin, it is worth mentioning that his companies, Tesla and SpaceX, hold a significant amount of the flagship crypto. CoinGape recently reported that Tesla transferred its $760 million BTC holding to several unknown wallets. Meanwhile, Arkham Intelligence data shows that SpaceX still holds 8,285 BTC ($558 million) in its public wallet.
Elon Musk’s fondness and indirect support for Dogecoin has positively impacted the foremost meme coin. The world’s richest man contributed to the massive rally that the Dogecoin price enjoyed in the 2021 bull run as he alluded to the meme coin several times during that period.
Musk could again play a huge role in the Dogecoin bull run this time, especially with his proposed Department of Government Efficiency (D.O.G.E) under the Donald Trump administration.
Elon Musk is believed to have been inspired by Dogecoin for the name of the proposed department. Thanks to the similarity between the acronym ‘D.O.G.E’ and Dogecoin’s ticker, the meme coin experienced a significant rally last week, reaching its highest level since late July, as the world’s richest man mentioned ‘D.O.G.E’ during a Pennsylvania town hall meeting.
Elon Musk also talked about XRP during a Pennsylvania town hall meeting. Someone from the audience asked if he thought the XRP Ledger could be incorporated into financial institutions in the future. He categorically said that his statement is not an endorsement or non-endorsement, but he believes that crypto, by its very nature, helps with individual freedom.
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