Elon Musk owns Ethereum (ETH).

Yugocean

Moderator
Staff member
Recently today at the Bitcoin event, Elon "Dogefather" Musk claimed he owns BTC, DOGE, and ETH.


Although, Musk is known for supporting Dogecoin (the meme version of Bitcoin), and many times he has confirmed that he owns BTC also; but, this is first time when Musk claimed he owns Ethereum (the competitor of Bitcoin).

As a market effect, Ether investment increased and ETH value started gaining a better rate, and coin market gained a simple increase.

Musk even claimed, that his business Empire (Tesla and SpaceX) owns Bitcoin. Musk's claim is his 3rd largest holding (after stocks of Tesla and SpaceX) is cryptocurrencies.

For some time, Musk is facing criticism from crypto lovers for not fulfilling his promise to sell his industrial products for Bitcoin and Dogecoin. This time, it is being thought that Musk may have some business trick behind taking the name of Ethereum.


 

Josemendez

Valued Contributor
I am certain that there will be positive effect from the last concluded crypto talk between CEO of Twitter and CEO of Tesla . Am also very surprised to read that Elon Musk owns ethereum because this is the first time he is making this open to the general public. Well , I hope that this will help to set the market on the uptrennd direction . I don't care if he is manipulating the market or not .
 
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Yugocean

Moderator
Staff member
I hope that this will help to set the market on the uptrennd direction . I don't care if he is manipulating the market or not .
Actually he is manipulating the market, Ethereum already have a good fan base, and I was also thinking to invest in it with my next crypto investment; it has nothing to do with Musk accepting it now, but it may effect when he will sell his Ether and then reject selling Tesla product via it too due to any reason.
 
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Mika

Valued Contributor
Musk bought $1.5 billion worth of bitcoin and he publically admitted that he bought bitcoins for Tesla. He also publically admitted that he bought Doge for his child, but he has never revealed how many dogecoins he bought. But Elon Musks also owns Ethereum is new news for me. However, I would like to disagree that "dogecoin is meme version of bitcoin."
 
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Yugocean

Moderator
Staff member
I would like to disagree that "dogecoin is meme version of bitcoin."
Actually dogecoin is copied version of litecoin, but it was launched as meme of all cryptocurrencies. Creators themselves admitted that dogecoin was meme. However, when public has accepted it, then there is nothing to describe it meme or not.
Ethereum on other hand got increase in market after Musk's claim.
 
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Mika

Valued Contributor
Actually dogecoin is copied version of litecoin, but it was launched as meme of all cryptocurrencies. Creators themselves admitted that dogecoin was meme. However, when public has accepted it, then there is nothing to describe it meme or not.
Ethereum on other hand got increase in market after Musk's claim.
The creators created dogecoin just in 3 hours and labeled it as a joke and handed over the code to the community. But the community took the dogecoin project seriously and continued building it. Dogecoin was just a joke until the end of 2020, but in 2021 when Reddit and Elon Musk started to pump, it was no longer a joke.
 
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lamia5765

Verified member
He is increasing his fortune day after day because if you have money you could do everything in crypto world but it is better that he is using it well and not for bad personal purpose that what is hopping etherum collectors because there is a lot of brand of people working and getting paid by etherum.
 
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Yugocean

Moderator
Staff member
This is now a controversial issue that Elon Musk is good or bad for his activities related to cryptocurrencies. Musk has a god fan follower base, they promote his every work, according to some crypto enthusiasts, Musk just promote a crypto when he have to sell for high price, and then stop after selling it.
 
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Sherman198

VIP Contributor
Musk chooses to promote any coin he feels like promoting. He's just using his influence to promote these coins at will. Well, I think it's good for the cryptoverse and the ecosystem as we may be seeing rise in most coins. However, what I'm fumed at, is how he will just wake up again and say something negative bout some coins. Looks to me likes he's playing around those coins.
 
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Yugocean

Moderator
Staff member
Elon Musk is doing extra business in cryptocurrency. This is how a business works if someone influence it. However, no matter what Musk claims about his favourite, unless he accepts the crypto payments for Tesla and other products, it is not a good point to believe what he is claiming.
 
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Mika

Valued Contributor
Musk has said that he invested in bitcoin for tesla and spacex. Tesla is a profit making company and spacex aims to build space tourism, which will obviously become profitable in the future. But why did he actually invest in bitcoin? I think the investment is just to make people believe that crypto currency investment is good
 
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sincerem

VIP Contributor
Its a welcome development that Elon musk have spread his arms to owning an investment sround ETH. That shows how supportive he is around Cryptocurrency. Their is no other person like him in the crypto investment circle. Even though he's manipulating the market at times, but he's an integral part of Cryptocurrency success run.
 
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Sherman198

VIP Contributor
Musk has said that he invested in bitcoin for tesla and spacex. Tesla is a profit making company and spacex aims to build space tourism, which will obviously become profitable in the future. But why did he actually invest in bitcoin? I think the investment is just to make people believe that crypto currency investment is good
It's even hard this days to say the righteous reasons why he promotes the coins he promotes, you can't factually say anything correct about that guy, especially when it comes to cryptverse. Sometimes he would just decide to promote Bitcoin, sometimes he downplays Bitcoin and some other crypto that looks like joking around them. Well, I just have my opinion that he's only milking those coins to his advantage.
 
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btaliat

VIP Contributor
To be honest, I don't like hearing the name Elon Musk, he has lost his reputation the moment he tried to use machiavelian way to manipulate crypto market at the expense of the masses. I expected him to use his influence to promote crypto market and not influence it to his own advantage.
 
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Yugocean

Moderator
Staff member
@Mika It is actually Business, he is just doing aadat investment where people buy during dip and sell during ruse.

@sincerem This only Musk knows, he is clever businessman.

@Sherman198 This is called business, he is also publicially claimed dogefather.

@btaliat Not surprised, many people now hate Musk because they lost their deposit after investing in doge coin under Musk's influence.
 
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sincerem

VIP Contributor
@Yugocean, you definitely stated what Elon musk is all about. Musk is just looking for his own gain first of all before reasoning what others say. We can still make gains through his speeches and the moves he makes around Cryptocurrency if we study about him well like we study books.
 
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Yugocean

Moderator
Staff member
@sincerem Good thought, but this would be gambling too as this will require investment at one time and immediately before Musk takes a U turn.
Many people invested in Ether after Musk's speech, they have to sell fast, Musk wi keep it for his targeted profit, just greed is what one have to avoid.
 
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sincerem

VIP Contributor
@sincerem Good thought, but this would be gambling too as this will require investment at one time and immediately before Musk takes a U turn.
Many people invested in Ether after Musk's speech, they have to sell fast, Musk wi keep it for his targeted profit, just greed is what one have to avoid.
I understand its kinda gambling stuff. Remember if you're in for crypto investment you need to be well prepared to take the risks involved in the investment scheme. We know that when Elon musk wants to flip his coin for profit, he always hype it for people will invest their hard earned money. If we follow such trend we can flip immediately when things are moving up high with such coin.
 
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