Elon Musk, a super tycoon in the tech circle, the boss of Tesla and SpaceX, has a close relationship with cryptocurrency. Just a casual remark from him can shake the cryptocurrency market, which is why everyone calls him 'Dog Dad.' So, what cryptocurrencies has Musk actually bought, and why does he like them so much?
1. Bitcoin (BTC), this is one that Musk has publicly admitted to buying. In 2021, Tesla made a huge investment of $1.5 billion. Although Tesla later sold some, Musk still holds a significant amount. Why did he choose Bitcoin? Simply put, Bitcoin is the leader in cryptocurrency, with a status as solid as a rock. Musk sees it as 'digital gold' and believes it can retain its value.
2. Ethereum (ETH), this is also a treasure in Musk's investment basket. He mentioned it at a conference. Why does he think so highly of Ethereum? Because Ethereum's smart contract functionality is exceptional; it's the cornerstone of decentralized finance (DeFi), non-fungible tokens (NFTs), and various new blockchain applications. Musk believes it's super important in the crypto world.
3. Dogecoin (DOGE), this is Musk's favorite, and he never hides it. From praising Dogecoin as 'the people's cryptocurrency' to promoting it as a payment method at Tesla and SpaceX, Musk's actions have made Dogecoin incredibly popular. Why does he like Dogecoin so much? Musk finds it fun; it comes from meme culture, has low transaction fees, an active community, and the potential to become a commonly used trading tool.
In addition to the three mentioned above, there are rumors in the market that Musk may hold or influence other tokens. For example, Shiba Inu (SHIB), although Musk claims he hasn't bought it, whenever he tweets about 'Floki' or other dog-themed tokens, the market reacts. Then there's Floki Inu (FLOKI), named after Musk's Shiba Inu, which has also attracted attention, but there is no concrete evidence that Musk holds it.
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