Elon Musk reveals Dogecoin holdings, SpaceX’s Bitcoin stash

Elon Musk – upload.wikimedia.org

In a recent conversation on X Space (formerly Twitter Space), X CEO Elon Musk revealed he still has Dogecoin (DOGE) in his crypto holdings. He also confirmed that SpaceX, his space exploration company, holds an amount of Bitcoin.

“I still own a bunch of dogecoin, and SpaceX owns a bunch of bitcoin,” Musk said.

SpaceX is not Musk’s only company with cryptocurrency holdings. Tesla, Musk’s electric vehicle manufacturer, has over 10,000 Bitcoins on its balance sheet, valued at nearly $500 million. Per Wu Blockchain, Tesla has liquidated 75 percent of its Bitcoin holdings.

The Tesla CEO also expressed his long-term support of Bitcoin. While his ownership of Bitcoin was expected, his ongoing belief in the meme coin Dogecoin created some excitement.

“I might pump, but I don’t dump,” said Musk.

Musk’s influence on Dogecoin’s market seems to be evolving. In 2021, a tweet from Musk could greatly affect Dogecoin prices, but recent comments have not generated the same level of excitement.

Even though there was a six percent increase in Dogecoin prices after Musk’s recent disclosure, it indicates a change from when Musk’s statements led to significant market fluctuations.

The dogecoin price has crashed back since it hit an all-time high in 2021 but has held on to some gains and is still a top ten cryptocurrency with a market capitalization of $11.5 billion.

X plans to revolutionize payment services

In October 2023, a leaked virtual meeting at X unveiled Musk’s plans to expand the financial services aspect of X. Influential figures in the crypto community described the plan as something that could drive a “critical mass” of crypto adoption.

Musk aims to make X an updated version of PayPal and has played a part in driving up the prices of Bitcoin and other cryptocurrencies, including dogecoin, by hinting at crypto integration and adoption.

Last year, PayPal expanded its support for Bitcoin and other cryptocurrencies and launched a USD-backed stablecoin. This followed its earlier support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash in late 2020. PayPal’s initial endorsement of cryptocurrencies played a crucial role in starting the bullish trend that saw Bitcoin almost reach $70,000 in 2021.

In a blog post, X reiterated its plan to compete with PayPal and other similar companies, such as Visa and traditional banks. The platform disclosed its aims to revolutionize the year 2024 by introducing innovative products and services that will transform how users connect, communicate, and make transactions.

“We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place,” the blog post reads.

The blog post reveals that X Payments LLC, X’s payment subsidiaries, now holds money transmission licenses in 14 states, as per the Nationwide Multistate Licensing System website.

X described its plans to revolutionize the payment systems as a part of its transformation into an “everything app.”

“X is not just another app – it’s becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” it said.

Emphasizing its revolutionary plan, X has discontinued the NFT features for its premium users.

Twitter introduced the feature in January 2022, enabling Twitter Blue subscribers to use Ethereum-minted NFTs (ERC-721 or ERC-1155 tokens) as profile pictures, displayed as hexagons. When it was first released, Musk, who had not acquired the company at that time, said the NFT feature was unnecessary.