We might be a part of history soon if Elon Musk fulfills predictions of becoming the first-ever Dollar trillionaire that the world has ever had. The billionaire CEO has been tipped to become the first-ever trillionaire following a steep rise in the value of Tesla’s stock. Each Tesla stock is now worth $909.68 on Nasdaq. This increase has seen Elon Musk’s personal worth surge to a little over $250 billion, putting him several billion above the next richest person.
The current world’s richest man is known for his public comments in support of cryptocurrencies, especially bitcoin and dogecoin. He is widely regarded as one of the biggest voices in the crypto industry today. In reaction to a tweet about him becoming the first trillionaire ever, Musk replied “* in Doge”. His simple reply sent a frenzy among dogecoin enthusiasts. Unsurprisingly, suggestions that the price of dogecoin may soon spike have been made; dogecoin experienced a huge leap when Musk tweeted a single picture of a dog in April.
The question now is this; is Musk hailing himself as a dogecoin trillionaire?
Elon Musk and Cryptocurrencies
Elon Musk is outspoken about his love for the new digital currency technology that is changing the way traditional finance is performed. Musk has repeatedly called for cryptocurrencies to be adopted for wider applications. He is particularly interested in dogecoin, ether, and bitcoin, having stated that those three coins make up his personal collections.
Musk is also known for criticizing events in the industry. In May, he criticized the continuous use of non-renewable energy sources to mine bitcoin. He further said that Tesla would halt the acceptance of bitcoin as payment. His impact on the market is indeed huge and he can be said to be a market mover.
SpaceX and Tesla Stocks Holds Musk’s Fortunes
SpaceX and Tesla, the two companies making waves in the world, are the biggest sources of Musk’s wealth. Tesla, with a $900 billion market cap, is over nine times bigger than SpaceX’s market cap which crossed the $100 billion mark recently. According to Morgan Stanley, however, SpaceX would be the stock that finally pushes Musk into the virgin trillionaire abode. Morgan Stanley stated this in a report discussing the result of a recent survey carried out among investors and industry giants.
The survey sought respondents’ opinions about Tesla and SpaceX. Most of them said that they preferred SpaceX for a long-term investment. SpaceX is relatively young, having been established by Musk in 2002. SpaceX is also privately traded and its stock is expected to experience a huge surge if the company ever goes public.
Global Adoption of Cryptocurrencies is Increasing
The global adoption of cryptocurrencies is on the rise; more traders and investors are connecting with their favorite crypto communities. In a recent report, top crypto information platform CoinMarketCap said that it conducted a survey about cryptocurrencies adoption and discovered that Australia was leading with 18% of respondents saying that they own some crypto. Thailand, Indonesia, Mexico, and the US, also had respondents who are favorably disposed to cryptos.