Elon Musk has reignited crypto interest, reportedly holding substantial Dogecoin and maintaining Bitcoin reserves through SpaceX.
A prominent billionaire has generated substantial interest among cryptocurrency enthusiasts in the wake of the recent U.S. elections. The emergence of a recorded audio has heightened the level of enthusiasm among investors.
According to reports, Elon Musk is purportedly attempting to restrict government spending by establishing a department called DOGE, which is reminiscent of Dogecoin, despite his previous statements that suggested a cautious stance toward crypto.
Elon Musk’s Altcoin Acquisitions
A voice recording of a close friend of Musk has revealed that he still has a significant quantity of Dogecoin in his possession. The recording also indicates that SpaceX maintains a substantial amount of Bitcoin, although the precise amount is not disclosed due to its private company status.
On the other hand, Tesla, as a publicly traded company, is obligated to disclose its Bitcoin transactions to the SEC and has its reserves monitored. It is difficult to ascertain the precise value of Musk’s Bitcoin and Dogecoin investments. Tesla acquired Bitcoin in 2021; however, it sold a substantial portion of it as a result of environmental concerns.
There is a possibility that Tesla will disclose Bitcoin purchases in the upcoming weeks or months if SpaceX is accumulating Bitcoin, as indicated by on-chain data.
