Tesla CEO and Twitter owner Elon Musk has once again expressed optimism about Bitcoin and Dogecoin despite the prolonged crypto market downturn. In a recent tweet, he declared that Bitcoin 'will make it' and Dogecoin is headed 'to the moon.' The billionaire also shared his outlook on the broader crypto landscape following the collapse of FTX, emphasizing the importance of self-custody.
Bitcoin: 'Will Make It' but a 'Long Winter' Ahead
On Monday, November 14, Musk responded to a Twitter user asking where Bitcoin’s price would be in another year given it was trading around $16,000, down from about $69,000 a year ago. His reply: 'BTC will make it, but might be a long winter.' The comment immediately boosted Bitcoin’s price from below $16,000 to $16,987 at the time of writing. Musk has previously revealed that he personally holds Bitcoin, as do his companies Tesla and SpaceX. Tesla’s latest SEC filing shows it holds about $218 million in digital assets. The company sold 75% of its BTC holdings in July, but Musk stressed: 'We are certainly open to increasing our Bitcoin holdings in [the] future, so this should not be taken as some verdict on Bitcoin.' He has repeatedly stated that Bitcoin is suitable as a store of value.
Dogecoin: 'To the Moooon'
During a Twitter Space on Saturday, Musk exclaimed 'Doge to the moon,' triggering a price rally. Known as the 'Dogefather' by the DOGE community, Musk has been a longtime supporter of the meme cryptocurrency. He owns some Dogecoin and has stated he will continue buying and supporting it, believing it 'has potential as a currency.' Tesla already accepts DOGE for certain merchandise, and Musk announced that SpaceX will soon follow suit. His Boring Company also accepts Dogecoin for rides. Twitter recently filed paperwork to operate a payment business, fueling speculation that Musk plans to integrate DOGE payments into the platform.
Advice on Crypto Future: Cold Wallets Over Exchanges
In the wake of the FTX implosion, Musk was asked about the future of cryptocurrencies. He advised: 'If you have crypto, you should have it in a directly-accessible cold wallet. Not in an exchange. That would be wise.' He elaborated: 'I think there probably is a future for Bitcoin, Ethereum, and Doge. I can’t really speak to the others. But if you’ve got one of those three in a cold wallet, and off an exchange, I think my guess is it works out well.'
Musk’s comments injected short-term positivity into the market, but the crypto winter continues. Investors should remain cautious and focus on secure storage practices.