The billionaire CEO of Tesla, Elon Musk, has an obvious soft spot for Dogecoin (DOGE) which he holds and regularly pumps with his engaging Twitter activity. Besides Dogecoin, Musk has only revealed that he also holds Bitcoin and Ether.
However, speculations continue to persist in the cryptocurrency community that the mega-entrepreneur may hold some cryptocurrencies that he is yet to disclose to the public. The contending cryptocurrencies proposed by market observers that Musk may discreetly hold include XRP and meme coin Floki Inu (FLOKI).
Weighing in on the contenders
While Musk is yet to make any statements to the effect, Ripple proponents have been speculating that he holds the XRP token for a while now.
One prominent XRP supporter has even made the bold prediction that the Tesla boss will reveal the amount of XRP he owns come Q1 2022.
The reasons XRP supporters entertain the hope are not far-fetched. For one, the XRP community and Musk share a strong dislike for the U.S. Securities and Exchange Commission (SEC).
Similar to how XRP proponents have been outspoken about the antics of the SEC with Ripple that they consider to not at all be in their interest, Musk has also voiced his resentment of the securities regulator. Musk clearly stated during an interview that he had “no respect for the SEC” in the wake of a regulatory action the commission brought against him. Members of the XRP community expect Musk to be rooting for Ripple as they have stood up to the SEC.
Similarly, there are strong speculations that Musk may also hold Floki Inu (FLOKI). The dog-themed meme coin has roots that trace back to Elon Musk as the name of his Shiba Inu puppy, Floki, inspired the creation of the coin. The growth of the meme coin since its creation has also been highly correlated with Musk’s Twitter mentions of his pup. The latest pump in the price of FLOKI came on the 25th when Musk shared a picture of the pup dressed as Santa.
Musk has however not revealed any affiliation with the project.
Why do the speculations hold some weight?
Elon Musk has been an active participant in the cryptocurrency community for a while. He has even been linked to being the pseudonymous creator of Bitcoin, a claim which he has denied. Before taking a more serious interest in cryptocurrencies in 2019, Musk had described Bitcoin as “possibly” being a good thing.
It was only this year that Musk revealed he had a personal stash of Bitcoin, Ether, and DOGE. It is possible that he may hold other cryptocurrencies and not want to disclose that he does as it may impact the crypto prices just like his other disclosures have done.
Market speculation, which is natural in the crypto market, goes beyond just Musk’s possibly elusive holdings to that of other institutional key players. There have been rumors that some firms such as Facebook and Apple may be looking to buy, or may have even bought cryptocurrencies they are yet to make public.