Bitcoin latest – Elon Musk support sees cryptocurrency price surge but Ethereum ‘has more potential’ as Dogecoin slumps

Elon Musk said Tesla Inc. sold 10% of its Bitcoin holdings to show the token’s liquidity – and he has kept his personal investment in the cryptocurrency, it has been reported.

Tesla’s earnings report showed the firm – which bought more than $1billion of the tokens earlier this year – generated $101million in income from the sale, Bloomberg reports.

Musk said on Twitter that Tesla was trying “to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.”

And Tesla’s Chief Financial Officer Zachary Kirkhorn reportedly said on an earnings call that the company believes in Bitcoin’s long-term value.

Meanwhile eToro analyst Simon Peters told Crypto AM: “Ethereum could certainly challenge Bitcoin for the number one spot among cryptoassets in terms of market cap, but it will be a few years yet before this could potentially happen.

“We must remember both tokens were created for different reasons. Bitcoin is a decentralised currency and Ethereum is a platform to build decentralised apps that make use of smart contracts.”

This comes as Safemoon has been predicted to overtake Dogecoin as one of the most heavily invested cryptocurrencies in the world – although both lost value over the weekend.

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