RIYADH: Bitcoin, Ether and Dogecoin got a boost on Monday after entrepreneur Elon Musk tweeted that he owns the digital tokens and has no plans to sell them.
“I still own and won't sell my Bitcoin, Ethereum or Dogecoin,” Musk tweeted.
Musk, the CEO of Tesla, is no stranger to social media posts about cryptocurrencies.
Last May he said he has not and will not sell any Dogecoin, a token created in 2013 as a joke and for which he had become a proponent. In October, Musk said he owns Bitcoin, Ether and Dogecoin.
Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising by 0.30 percent to $39,131 at 12:48 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2,599, up by 0.97 percent, according to data from Coindesk.
Bill Barhydt, CEO of crypto trading platform Abra, predicts that the price of Ethereum could reach $40,000, a significant increase from the cryptocurrency’s current price.
“The network effects for Ethereum in the short-term are actually more bullish to me because of the use cases that are just starting to play out,” Barhydt said in an interview with CNBC.
He added: “Ethereum’s network effect is based on this idea that it could become the world’s computers. It’s being used for stablecoins, non-fungible tokens, decentralized finance and gaming now.”
However, Barhydt warned: “We may have a bit of a sell-the-news effect after the initial rush to stake happens with the upgrade in June or July — whenever it happens, the upgrade to proof-of-stake — so you may see a kind of sell-the-news pullback.”