Elon Musk Discusses Bitcoin Utilization in X and His Dogecoin Holdings

Elon Musk's recent discussion on Bitcoin's role in X and his personal Dogecoin holdings offers a glimpse into the future of cryptocurrency in his enterprises.

Read on for an in-depth analysis of Musk's stance on Bitcoin and Dogecoin, and their potential impact on the crypto industry.

Cathie Wood Hosts Discussion in X Space

At an event held on January 11, 2024, in X Space, Elon Musk, the head of companies like X (Twitter), Tesla, and SpaceX, spoke about the utilization of Bitcoin in X and his personal holdings of Dogecoin.

This discussion was hosted by Cathie Wood, the founder and CEO of ARK Invest, and has since been covered by multiple media outlets.

Musk Open to Using Bitcoin in X

During the conversation, Elon Musk mentioned that he hasn't spent much time thinking about Bitcoin (BTC) but is open to the idea of using Bitcoin in X.

However, he also noted that Bitcoin is not well-suited for payments and likened it to gold.

Details about the implementation of Bitcoin in X have not been disclosed, but it's been reported that X is planning to launch a peer-to-peer (P2P) payment service in 2024.

This has sparked excitement in the cryptocurrency industry about the potential integration of BTC for P2P transactions in X.

Musk's Ongoing Large Dogecoin Holdings

Musk also commented on his and SpaceX's cryptocurrency investments, stating that he holds a large amount of Dogecoin (DOGE), while SpaceX holds Bitcoin.

Musk is known for his strong support of Dogecoin and has previously disclosed his DOGE holdings, which he continues to maintain.

Despite rumors last August about SpaceX selling all its Bitcoin, Musk confirmed that SpaceX still owns Bitcoin.

Given that Musk's companies, including Tesla and SpaceX, have adopted cryptocurrencies in various forms – with Tesla even creating a dedicated Dogecoin page on its official site – Musk's remarks suggest that he will continue to leverage cryptocurrencies in his multiple ventures.