Elon Musk Advises Hodler To Save BTC, ETH, And DOGE At Cold Wallet

Elon Musk gave advice to Bitcoin, Ethereum, and Dogecoin owners. (Photo; Doc. Antara)

JAKARTA Tesla and SpaceX boss Elon Musk recently discussed the crypto future when asked by a crypto via Twitter comments. He questioned the position of cryptocurrency prices in the next year. While in the past year, BTC plunged from $69,000 last year to its lowest price in 2022, at the level of $16,000.

BTC will work, but maybe a long winter, Elon Musk responded to a question from one of Twitter's social media users.

Musk's comments may have increased the price of bitcoin. As soon as he tweeted, the price of BTC jumped sharply from $16,000 to $16,987 at the time of writing.

Billionaires, who recently acquired social media giant Twitter, previously revealed that he personally owns bitcoin, just like Tesla and SpaceX. Tesla's latest financial filing with the US Securities and Exchange Commission (SEC) shows that the company holds about $218 million in digital assets.

Despite the bearish market conditions that have taken place in recent months, which began in the fall of the LUNA price last May, Musk made statements on a number of occasions by stating that Bitcoin is still suitable as a store of value.

"We are of course open to increasing our bitcoin holdings in [the future], so this should not be considered a verdict against bitcoin," Musk said, launching Bitcoin.com News.

In addition, Elon Musk also made positive comments on his support meme coin, Dogecoin (DOGE). The Tesla boss's actions also catapulted the price of Dogecoin. "Doge to the moon," Musk wrote.

Tesla has accepted the purchase of merchandise with Dogecoin. It didn't stop there, another company The Boring Company that managed to create an underground tunnel to overcome traffic jams also received DOGE payments through The Loop service.

In addition, at the Twitter Space event which was held on Saturday in response to the perpetrators and the crypto industry community regarding the bankruptcy of FTX, Musk emphasized the importance of a cold wallet crypto wallet. For your information, cold wallet is a physical device for storing digital assets. One of the famous cold wallet brands is Ledger.

I will reiterate that, if you have crypto, you should have it in a cold wallet that can be accessed directly. Not on the exchange. That would be wise," Musk suggested.

Then, the Tesla boss shared his views regarding three digital assets, Bitcoin, Ethereum, and Dogecoin. According to him, if someone owns one of the three assets, it should not be stored on crypto exchanges but on cold wallets.

I think there may be a future for bitcoin, ethereum, and doge. I can't talk to others. But if you have one of the three on the cold wallet, and off the exchange, I think my guess is it's working well," Musk concluded.