“Bitcoin will rise, but it will have a long winter,” says Elon Musk

Elon Musk, the richest man in the world, has returned to talk about Bitcoin. The tycoon who took control of Twitter recently said bitcoin will rise again but face a long winter.

The message was sent in response to where Bitcoin will be in a year from now, as in November 2021 it was trading at its all-time high of $69,000.

“Bitcoin is $16K, down from $69K a year ago…where will it be in a year?” – asked the user.

“Bitcoin will make it, but it will be a long winter.” Musk replied.

Bitcoin’s winter period is a popular measure in the financial world and describes a prolonged period of price declines.

As an outspoken Dogecoin fan, Musk was asked if he had spelled “Bitcoin wrong”. He replied no: “Needless to say. [o nome Dogecoin]🇧🇷

Elon Musk, Bitcoin and Dogecoin

In February 2021, Musk made headlines when he announced that Tesla had bought Bitcoin for its reserves, many seeing the purchase as one of the most significant events in Bitcoin’s short history.

The purchase of Bitcoin worth $1.5 billion caused a frenzy from buyers and drove the price of Bitcoin by almost 20% in less than 24 hours.

However, the following year, Musk revealed that Tesla had sold 75% of its Bitcoin holdings, citing that the company was facing a need for liquidity amid uncertainty with its Chinese operations due to the prolonged lockdowns from the global crisis.

The sale allowed Tesla to secure much-needed cash and avoid bigger losses as Bitcoin plunged below $19,000 in July. If Tesla hadn’t sold when it did, the company would have lost about $11,000 per Bitcoin, or about $346 million.

The billionaire has consistently supported Dogecoin, a cryptocurrency inspired by dog ​​memes. He invested in the digital asset and said that the currency is better than Bitcoin in some things.

“In principle, bitcoin is not a good replacement for transaction currency”Musk told Time Magazine after he was named Person of the Year for 2021. “While it’s made as a dumb joke, dogecoin is better suited for trades.”

Musk started to tweet about dogecoin in 2019 and even said he was working with digital currency developers.

The billionaire even went so far as to say that the meme currency might become the future global currency.

“The point is that dogecoin was invented as a joke, essentially to make fun of cryptocurrencies”he told TMZ in May. “Destiny loves irony. What would be the most ironic result? The coin that started as a joke actually becomes the real coin. To the moon!”

Source: Live Coins