Elon Musk's List of Crypto Assets in 2021

Elon Musk is an influential figure who invests large sums in several crypto assets, namely Bitcoin, Ether, and Dogecoin. The founder of the Tesla company is indeed known as a supporter of the idea of ​​​​a crypto currency.

Not only that, the statements issued by Elon have a great influence on the sentiment of cryptocurrency investors. For example, in 2021, Elon has uploaded pictures of shiba inu puppies on his Twitter account several times. This gesture caused investors to flock to the Shiba Inu coins and sent the price skyrocketing.

Not surprisingly, many people are looking into the coin that the SpaceX CEO owns because of its influence in the crypto market. Let's look at the review of Elon Musk's crypto assets in this article!

Crypto assets owned by Elon Musk

According to Elon, he invested large sums in the cryptocurrencies Bitcoin, Ether, and Dogecoin. Here's a review of each.

Bitcoin (BTC)

In July 2021, Elon Musk admitted that he invested a large amount in Bitcoin. Although it can easily influence the market, he claims he will still make long-term investments in this one currency. Elon does not believe in the scheme of raising prices, then selling them, as many bookies do.

This could mean that Elon believes the value of Bitcoin in the long term will continue to increase, despite price volatility in the short term. Elon's support for Bitcoin is also evidenced by the gesture of Tesla, Elon's electric car company, which accepts payments using Bitcoin.

Bitcoin is a pioneer of cryptocurrencies that use the blockchain network as the basis of its technology. Transactions with this technology allow us to transact without the intervention of third parties such as banks and the government so as to minimize abuse of authority.

The advantage of Bitcoin is that it is a transparent but secure system. Unfortunately, many critics argue that Bitcoin is energy-intensive and not environmentally friendly. Hence, various alternative currencies called Altcoins emerged to solve this problem.

Ether (ETH)

The price of the Ether coin had jumped dramatically after Elon admitted to investing in Ether. The value of this currency rose 12 percent in one day.

Ether is a crypto asset that is an alternative to Bitcoin which is built on the Ethereum blockchain. One of the advantages of the Ethereum blockchain over the Bitcoin blockchain is its financial product variants.

You can only make transactions and store assets in Bitcoin. Meanwhile, Ethereum provides features that allow you to carry out more complex financial transactions such as accounts payable, project payments, to derivative asset transactions.

Dogecoin (DOGE)

On November 1, 2021, Elon tweeted that he wanted to build a campus that could be paid for with Dogecoin. Elon's post received an enthusiastic response from netizens, thinking that it was a good idea.

This is not the first time Elon has discussed Dogecoin in a tweet. Previously, he had mentioned Dogecoin several times and made the price go up.

Dogecoin is a crypto asset that originally appeared as a joke on the internet to poke fun at the speculative prices of cryptocurrencies. However, in the end the currency with the shiba inu dog logo was realized into real currency. Founded in 2013, Dogecoin is growing rapidly due to its strong online community (Reddit and Twitter).

Predicting crypto market sentiment from Elon Musks statement

At the end of March 2021, Tesla accepted Bitcoin as a means of payment. This makes the price of the currency soar. In mid-May 2021, Elon announced that Tesla would no longer accept Bitcoin payments due to the huge energy use issue of BTC. The announcement made the Bitcoin price drop drastically.

In mid-June 2021, Elon announced that Tesla was accepting Bitcoin again. As a result, the price of Bitcoin has increased again.

On another occasion, Elon posted a picture of a shiba inu dog that sent the price of the Shiba Inu coin soaring. Afterwards, Elon clarified that he only invested in Bitcoin, Ether, and Dogecoin.

The incident above shows how much influence Elon Musk has on the price movements of crypto assets. So, you can use Elon Musk's statement to predict crypto market sentiment.

You can do this by following Elon Musk's Twitter account. After that, keep an eye on the account's tweets, especially those about cryptocurrencies. Also analyze comments from Elon's tweets. Validate the possible increase in the price of crypto currency via news channels or through the Google search engine.

Of course there are many factors that affect the price of crypto. This step can be one of the considerations in technical analysis of crypto prices related to market sentiment.