Musk's Statement "No Plans to Sell Cryptocurrency" Sparks a Brief Rally

Elon Musk Tesla CEO [Photo by Yonhap News]

[Asia Economy Reporter Kim Bo-kyung] Cryptocurrencies such as Bitcoin and Ethereum showed a rebound following tweets by Elon Musk, CEO of Tesla, according to major foreign media reports on the 14th (local time).

According to the reports, Musk stated on Twitter that day, "I hold cryptocurrencies and have no plans to sell." Musk's comment came during an exchange with his followers after he asked, "What do you think about the inflation coming in the next few years?"

Following this tweet, Bitcoin, which had previously fallen by 2.9%, turned to a brief upward trend, and the prices of Ethereum and Dogecoin also rebounded by 2.8% and 3.8%, respectively, at one point.

Michael Saylor, CEO of MicroStrategy and a Bitcoin supporter, responded to Musk's question by saying, "Weak currencies will collapse, and capital will increasingly move from cash, debt, and value stocks to scarce assets like Bitcoin."

Musk has previously shared his opinions on cryptocurrencies on Twitter. In May last year, he mentioned that he had not sold Dogecoin and would not sell it in the future, and in October last year, he revealed that he holds Bitcoin, Ethereum, and Dogecoin.

This content was produced with the assistance of AI translation services.