Elon Musk Reveals How Much Bitcoin He Has Elon Musk is a notable personality and can even be considered a celebrity. He is single-handedly changing h
Elon Musk Reveals How Much Bitcoin He Has
Elon Musk is a notable personality and can even be considered a celebrity. He is single-handedly changing humanity on multiple fronts. He is also very vocal about many different technological innovations. Bitcoin and crypto in general, are one of them. He has time and again stated that bitcoin is a clever idea. This is especially in contrast to the legacy financial institutions.
Recently, he revealed how much bitcoin he actually has, putting an end to all speculation. Amazingly, this came as a comment to a tweet by JK Rowling. Rowling, the popular author of the Harry Potter book series, had asked Twitter what bitcoin is. Among many other people, Musk also commented about what he thinks. In doing so, he revealed his bitcoin stash. And it might surprise many.
Is Elon Mush buying Bitcoin?
Musk stated that he only owns 0.25 btc. To many, this will come as a total surprise. In fact, a lot of people on his thread said that they can’t believe this number. They also stated that Musk could secretly be holding a large stash. Knowing the eccentric personality, this could be true. Although there is only a slim chance that it is. In any case, Elon’s positive remarks about the industry are alone more valuable.
The 0.25 btc is currently only worth about $2500. Sure, it could be huge in the future if bitcoin reaches millions in price. But, at the moment that is nothing compared to his net worth. At the time of writing, he has a net worth of $36 billion. That is a huge number by any measure. In fact, bitcoin’s market cap is only $175 billion. So, Musk is already worth 20% of bitcoin’s market cap!
Therefore, Elon’s motive for stashing large amounts of bitcoin (if he wants) won’t be money. It will be ideological in nature. In fact, he replied to JK Rowling’s tweet stating the importance of bitcoin. He tweeted, “Massive currency issuance by govt central banks is making Bitcoin Internet Ghost money look solid by comparison.” This is his signature way where he tries to state the importance of something in an amusing way.
Responses To Musk
As if Musk’s response to Rowling wasn’t enough, other notable personalities responded to Musk as well. Tyler Winklevoss, for instance, tweeted, “Then how are you going to pay for things on Mars?” This is really a clever tweet.
If Musk succeeds in his goal of establishing a permanent colony on Mars, they will need a monetary system. Since there won’t be a concept of countries, there won’t be fiat as well. Bitcoin could really serve as the most obvious choice.
Ari Paul, founder of Block Tower Capital also jibed in. He jokingly tweeted, “It’s okay Elon. Keep stacking. Some day you’ll get to a full BTC if you keep at it.” Some others tweeted at him as well. However, Musk didn’t respond further.