Photo: Steve Jurvetson / Flickr Commons
Bitcoin, Ethereum, and DOGE “probably” have a future, says Elon Musk, avoiding predictions for any other cryptocurrencies. He voiced his opinion amid discussions about the collapse of crypto lender FTX, whose CEO expressed his intention to invest in the recent purchase of Twitter by Musk.
The news of the collapse of crypto lender FTX and its hack, which emptied hundreds of millions of dollars from wallets controlled by the company, stirred up the entire crypto community. Around 2:30 AM ET Saturday, Musk joined Twitter Spaces to discuss the FTX hack and share his thoughts on Sam Bankman-Fried. Recently it became known that Bankman-Fried expressed his intention to invest in Twitter as part of its purchase by Musk, while the amount of the proposed contribution was $3-5 billion. However, the seasoned businessman quickly determined that Bankman-Fried was “bullshit.”
“To be honest, I'd never heard of him,” Musk said. “But then I got a ton of people telling me [that] he’s got, you know, huge amounts of money that he wants to invest in the Twitter deal. And I talked to him for about half an hour. And I know my bullshit meter was redlining. It was like, this dude is bullshit – that was my impression.”
“Then I was like, man, everyone including major investment banks – everyone was talking about him like he’s walking on water and has a zillion dollars. And that [was] not my impression…that dude is just – there’s something wrong, and he does not have capital, and he will not come through. That was my prediction,” Musk added.
With many FTX customers affected, as a result, Musk urged listeners to keep their cryptocurrency in cold wallets rather than on exchanges to avoid such situations. “I would reaffirm that, if you have crypto, you should have it in a directly-accessible cold wallet. Not in an exchange,” he said. “That would be wise.”
Despite the collapse of FTX, Musk still believes in cryptocurrency and supports it. However, he expressed his confidence in only three: Bitcoin, Ethereum, and DOGE, which “probably” have a future, provided that they are stored in a cold wallet off the exchange.
“I think there probably is a future for Bitcoin, Ethereum, and DOGE. I can't really speak to the others. But if you’ve got one of those three in a cold wallet, and off an exchange, I think my guess is it works out well,” Musk said.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.