Bitcoin and dogecoin soar after Elon Musk sparks new frenzy by confirming crypto holdings
Bitcoin: Cryptocurrecy surges against GBP
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On Sunday Mr Musk replied to a tweet inquiring about his cryptocurrency portfolio. The Tesla CEO replied and said: “Out of curiosity, I acquired some ascii hash strings called bitcoin, ethereum and doge. That’s it.
“As I’ve said before, don’t bet the farm on crypto!
“True value is building products and providing services to your fellow human beings.
“Not money in any form.”
Mr Musk’s tweet caught the eye of bitcoin bull Michael Saylor, the CEO of MicroStrategy.
Mr Saylor replied to Mr Musk with the vigorous promotion of bitcoin.
He said: “Bitcoin enhanced by lightning can be viewed as both a product, digital property, and a service, open monetary network.
“The ability to transfer monetary energy through time and space without government intervention or conventional banking is enormously valuable to humanity.”
Mr Musk clarified that he doesn’t own any of the memecoin, Shiba Inu.
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He was asked by a Twitter account holder called Shiba Inu, “hey Elon Musk, how much Shib are you holding?”
The reply from Mr Musk was very brief and all he said was: “None.”
This reply did not help the value of Shiba Inu which fell briefly before recovering with a 5 percent rally early on Tuesday.
The revelation that Mr Musk holds bitcoin, ethereum and doge helped push the market capitalisation of the whole crypto-sphere above $2.6trillion on Monday.
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As of Tuesday morning, Dogecoin has settled to $26, Ethereum is at $4,200 and Bitcoin is $4,000 shy of its all-time high, sitting at $62,571.
On October 20, 2021, Bitcoin reached an all-time high of $66,974.
Many experts in the field predict bitcoin will reach above $100,000 by the end of 2021.
Speaking to Express.co.uk bitcoin pioneer Max Keiser has said the price of the world’s preeminent cryptocurrency will increase to “$220,000 by the end of 2021”.
Mr Keiser cited the fact that Mastercard said they will soon offer bitcoin wallets and credit and debit cards.
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