Get Closer to 3 Cryptocurrency Coins Elon Musk Owns

Last year on October 25, Elon Musk, a CEO of Tesla and SpaceX, tweeted that he acquired several cryptocurrency namely Bitcoin, Ethereum & Doge.

There are thousands of different cryptocurrencies circulating in the market, but at the end of the day, Elon Musk chooses to invest in those 3 coins.  

So, in this article, we will discuss the 3 cryptocurrency and hope you will understand behind Elon Musk’s decision.

Bitcoin

At least everyone in this world has heard about the term Bitcoin once.  Bitcoin was first launched in 2009 by Satoshi Nakamoto.

It is the largest cryptocurrency by market cap worth more than  $390 billion, on September 14 according to coinmarketcap.com and a good indicator to see the crypto market in general. 

Based on Time.com,  a new all-time high was reached by Bitcoin’s price last November when it exceeded $68,000.

In addition, El Salvador makes Bitcoin legal tender, which makes it looks like Bitcoin will be the future of currency, or at least an accepted store of value.

Ethereum

Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.

As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.

— Elon Musk (@elonmusk) October 24, 2021

Founded by Vilatik Buterin in 2013, Ethereum is a blockchain technology platform that supports a variety of cryptocurrencies and decentralized applications (dApps) and provides the ability to build smart contracts on the network.

Thanks to this smart contract, many engineers and computer scientists are working on this platform. At the end of 2021, the Ethereum blockchain had more than 4,000 monthly active developers, with 20% of all new Web3 developers joining its network, based on venture capital firm, Electric Capital.

In addition, Ethereum is the next popular cryptocurrency after Bitcoin with a market cap more than $5 billion on September 14 according to coinmarketcap. 

Doge

Doge, a coin created in 2013 by Billy Markus and Jackson Palmer, both software engineers.  Beginners may find Doge a good investment as long-term holdings of this coin will provide insight into crypto investing

One of the reasons people invest in Doge is  because there is a brilliant feature called the Scrypt algorithm in Dogecoin that distinguishes it from Bitcoin’s SHA256, and it facilitates much faster block creation than BTC.

Aside from that, Dogecoin is a more better credible store of value since its mechanism is designed to prevent long-term holding diminishing circulation and minimize transaction fees through its intended use as a highly accessible P2P exchange network.

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