The billionaire entrepreneur responded to a Twitter thread speculating on his Dogecoin holdings by saying, “I haven’t and gained’t promote any.”
That prompted the cryptocurrency, which Mr Musk has frequently promoted on social media, to sharply bounce in worth after days of slumping in value.
Earlier Mr Musk, the CEO of Tesla and SpaceX, had posted an image on Twitter of a laptop computer with a sticker of a one greenback invoice on it, and the caption “How a lot is that Doge within the window.”
And when social media customers appeared nearer, the greenback invoice had a picture of the Doge Shiba Inu canine on it within the place of George Washington.
It’s the second time this week that Mr Musk has publicly come to the defence of cryptocurrencies, after tweeting out that Tesla would maintain on to its Bitcoin because the market crashed.
He had come below criticism from social media customers , a few of whom steered he had bought his Bitcoin holdings on the high of the market.
He responded by tweeting out that the electrical automotive firm had “Diamond arms”, in reference to merchants who maintain onto shares as their value drop with the purpose of longterm revenue.
The slide in crypto values began after Mr Musk tweeted that Tesla was suspending taking Bitcoin as cost for its autos due to considerations of the environmental impression of Bitcoin mining.
He has since stated that the corporate will maintain its Bitcoin and permit its use for purchases once more when the mining is extra sustainable.
The Cambridge Centre for Different Finance has estimated that the annual vitality consumption of the Bitcoin trade is on a par with that of a rustic the dimensions of Malaysia.
And that a lot of the mining operations are based mostly in areas of China that produces low-cost electrical energy utilizing coal-fired energy crops.
Tesla purchased $1.5bn value of Bitcoin on the finish of 2020 when the worth was below $20,000 and bought of 10 per cent in early 2021 when the worth topped $50,000 for a revenue of $101m.
When he appeared on Saturday Night time Dwell final month he repeatedly plugged Dogecoin and jokingly known as it a “hustle” throughout one sketch.