Cryptocurrency enthusiast Elon Musk unveiled his crypto portfolio on Twitter and as expected, the crypto market reacted to his tweets.
Cryptocurrencies are highly speculative and have no intrinsic value. Apart from using crypto coins as an asset to hedge against inflation, there are many market participants who simply trade these coins.
Crypto traders usually rely on Elon Musk’s tweets. It’s no secret that The SpaceX CEO’s tweets can influence the market. Be it Bitcoin, Shiba Inu, or Dogecoin; Elon’s single tweet about a crypto coin can either soar or plunge its price.
Elon Musk Reveals His Crypto Portfolio
Elon Musk once again took to Twitter to talk about crypto. This time the Dogefather has revealed his crypto portfolio.
A Twitter user asked The Tesla CEO about the number of Shiba Inu coins in his portfolio. Musk replied that he isn’t holding Shiba Inu coins.
Later, another user asked whether he is holding Floki Inu. Musk revealed that he has acquired Bitcoin, Ethereum, and Dogecoin only.
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
— Elon Musk (@elonmusk) October 24, 2021
He also advised that one should not invest their entire capital in crypto. He believes that true value is in building products & providing services to your fellow human beings, not money in any form.
It’s quite obvious that the markets would react to his tweets. Concerning Shiba Inu, the price of the coin dropped. However, a petition on Change.org asking Robinhood Markets Inc. to list Shiba Inu had crossed more than 300,000 signatures. This helped the coin to surge to a record high, according to a report by The Economic Times.
Earlier, Elon tweeted a text-based art picture of Shiba Inu with a rocket ship. Many traders found the tweet to be ambiguous which resulted in a bull run for many crypto coins.