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Elon Musk snubs SHIB, says he owns only Bitcoin, Ethereum and Doge

The revelation came at a time when Shiba Inu touched record high on October 24 and was up nearly 37 percent, according to coinmarketcap.

October 27, 2021 / 10:54 AM IST
Elon Musk (Illustration: Moneycontrol)

Elon Musk (Illustration: Moneycontrol)


Billionaire Elon Musk known for his cryptocurrency endorsements has reiterated his holdings which are limited to Bitcoin, Ethereum and Dogecoin slyly revealing that he neither owns one of the most popular meme tokens Shiba Inu.

The revelation came at a time when Shiba Inu touched a record high on October 24 and was up nearly 37 percent, according to coinmarketcap.

“Out of curiosity, I acquired some ASCII hash strings called “Bitcoin, Ethereum & Doge”. That’s it,” Musk tweeted in response to users asking him about his investment in meme tokens. “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,” he added.

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Musk had said, in July, that he personally owned some bitcoins, dogecoins and ethereums at the B-Word conference, an event hosted by the Crypto Council for Innovation. He also stated that he had been holding bitcoins for the long term.

He also explained the reason behind his ardent support for another meme token, Dogecoin. “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren't financial experts or Silicon Valley technologists. That's why I decided to support Doge—it felt like the people's crypto," Musk said in a tweet.

Another user asked Musk whether he had any recent interaction with Dogecoin developers. Musk responded saying “not recently.”

“What matters imo [in my opinion] is lowering fees, decreasing block time & increasing block size. A single layer network with exchanges as de facto layer 2 seems like the simplest solution for a medium of exchange,” he added.
Moneycontrol News
first published: Oct 27, 2021 10:54 am

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