The digital cryptocurrency industry is facing a lot of uncertain situations these days. This is all happening after the bankruptcy of the FTX exchange.
Elon Musk, a billionaire and Tesla chief, is a crypto enthusiast. He owns most of the crypto shares in the cryptocurrency market. All digital cryptocurrency investors know that a single comment or announcement from Elon can drastically alter its evolution.
However, digital investors know that the billionaire primarily supports the meme coin Dogecoin (DOGE). The Shiba lun dog is used as Dogecoin’s logo and namesake. It is ranked no eighth among all digital currencies regarding market value.
Last year in July, Musk claimed that he was interested in buying Dogecoins, despite the struggles of the cryptocurrency market. Though, it lost over $2 trillion since reaching an all-time high of $3 trillion. Besides, Tesla sold around 75% of its Bitcoins, but the billionaire said he did not intend to sell Dogecoins.
DOGE, Bitcoin and Ether
FTX scandal has badly affected the cryptocurrency industry; Musk has chosen the three digital currencies he thinks will survive. FTX had a value of $32 billion in February but declared bankruptcy on Nov 11 as it ran out of cash.
It turns out that FTX and its former CEO, Sam Bankman Fried misused the money that they received from their customers. Additionally, they concealed that they were in poor financial status.
However, FTX and Bankman Fried are interconnected to more than 20 cryptocurrencies. Therefore, the decline of FTX will indirectly affect a considerable danger to the entire crypto market. Musk presented his views about the future of cryptocurrency. Moreover, he added, he has planned to keep their digital currencies in a cold wallet and not on exchanges.
If you have crypto, then you should keep it in a cold wallet, not in exchange. That would be wise, stated the CEO of Tesla.
Musk believes in the potential of the cryptocurrency industry despite his harsh criticism of Bankman Fried and FTX.
There probably is the future of bitcoin, Ethereum and Dogecoin. If you have these, keep them in a cold wallet and exchange them. My guess is it works out well. Musk said
The billionaires in his language call Bankman Fried bulls–t.
I had never heard of him, but later I started hearing from many people that he has a massive amount of money that he wants to invest in the Twitter deal. I spoke to him for around 30 minutes, and my bull–t metre was redlining. Though, my initial reaction was, this dude is bull–t.
Moreover, he added that everyone was talking about him, that he is walking on water and has a zillion dollars, including significant investments. And that was not my impression. I had already predicted that the guy would not have capital and would not come through.