Key Takeaways
- Elon Musk has publicly admitted to owning Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE)—with a notable personal and corporate inclination toward DOGE.
- Both Tesla and SpaceX own Bitcoin and have it on their balance sheets, although Tesla sold a portion in 2022.
- Musk’s tweets and memes often lead to massive price movements, especially for Dogecoin.
- He has hinted at the possibility of adding crypto payment systems to Tesla and X (formerly Twitter).
- Dogecoin remains Elon’s favorite in 2024, alongside speculation of its integration into the X platform.
- Musk continues to influence retail investors and dominates sentiment surrounding meme coins.
Elon Musk’s Impact on the Cryptocurrency Space
Elon Musk is more than a recognized tech entrepreneur – he’s arguably one of the most impactful people within crypto. Whether it’s sending prices rocketing with a single tweet or triggering the crypto market’s bull run, his self-proclaimed stake in cryptocurrency drives his fans, supporters, and investors into a frenzy.
In a Cointelegraph article, it was reported that Musk admitted to owning Bitcoin, Ethereum, and Dogecoin, while noting Tesla still has BTC in its portfolio.
Up until 2024, it appears Musk’s obsession over Dogecoin, the joke that transformed into an empire, hasn’t waned.
What Cryptocurrencies Are in Elon Musk’s Portfolio?
Musk has made personal investments only in three cryptocurrencies so far:
1. Bitcoin (BTC)
- Musk confirmed in 2021 that he owns Bitcoin, and Tesla acquired $1.5 billion in BTC, as mentioned in Reuters.
- Although Tesla sold part of their assets in 2022 to “test liquidity,” the company still has BTC on its balance sheet.
- Additionally, Tesla’s Musk’s SpaceX is rumored to hold Bitcoin as well; however, not many details are available.
2. Ethereum (ETH)
- Musk declared that he possesses some Ethereum during a conference in July 2021, although it constitutes a rather small fraction of his overall holdings.
- While he has actively supported Ethereum for its smart contract capabilities, Musk has yet to publicly promote it like he does with DOGE.
3. Dogecoin (DOGE)
- Elon’s favorite by far. He refers to himself as the “The Dogefather” and has gone as far as tweeting memes and hints regarding the currency’s integrations.
- Tesla accepts Dogecoin for select merchandise, and some folks think DOGE could one day be added as a payment method on X.
- Musk has said: “Dogecoin is the people’s crypto.”
What About Tesla and SpaceX’s Crypto Holdings?
Both of Musk’s major companies have dipped their toes into the crypto waters.
Tesla
- Purchased $1.5B in Bitcoin in early 2021.
- Still retains BTC holdings after partial sales in 2022.
- Accepts Dogecoin for select merchandise.
SpaceX
- Confirmed to own Bitcoin, but undisclosed amount.
- SpaceX, as a private company, does not have to file public balance sheet disclosures.
Dogecoin and the X Ecosystem: What’s Next?
There is a buzz about adding Dogecoin as a native currency of the X (Twitter) platform. It most likely started with Musk’s X Payments subsidiaries getting several licenses in the US.
Based on the news shared by TokenFest, 2024 seems to be the year X would introduce crypto tipping and transaction support; DOGE seems to be the frontrunner.
If this comes true, it would be a major turning point for meme coins in general, as it might provide some form of usefulness in crypto for hundreds of millions of users all over the world.
Reasons That Might Make Musk Prefer Dogecoin
Both Bitcoin and Ethereum are recognized as mainstays in the crypto sphere, but Musk keeps on saying that Dogecoin is his favorite because of:
- Lower transaction costs
- Speed – quicker processing times
- The softer, friendlier, absurdity
- Community-driven development
As pointed out in PlutoChain Academy’s analysis, it is abundantly evident that the influence Musk has on Dogecoin has virtually changed the paradigm on how retail investors participate in the crypto culture, fusing memes, value, and utility.
Market Reaction on Cryptocurrencies Relevant to Musk’s Investments
Now, let us analyze the price changes of assets driven by Musk throughout this year.
Source: Coingecko
Musk has become the driving force behind the spiking price of Dogecoin, and even outperforming mid-cap altcoins, where Dogecoin is spiking after major public mentions.
Takeaway for Retail Investors in Cryptocurrency
What do you think we can gather from Elon Musk’s activity in crypto?
1. Following Is Important
Musk has the power to impact the price of cryptocurrencies with a single tweet. While prices for crypto holders during manias tend to favor them, it also adds volatility.
2. Pay Attention to Meme Coins
Assets like DOGE are no longer just memes. They stand a chance to be accepted by bigger platforms, like X, thus making it a prime candidate for adoption.
3. Look for Signals of Utility
Tesla’s endorsement of Doge, along with X applying for licenses associated with money transfer—these signals are not necessarily aligned. They are signs of purposeful alignments.
Closing Comment: Elon Musk’s Crypto Assets Are More Than They Seem
Even if the assets he has publicly disclosed are Bitcoin, Ethereum, and Dogecoin, Musk certainly has cryptocurrencies beyond those in the public eye and his control over the market is more significant than one might expect. His companies’ involvement in the decentralized payment ecosystems, the support he provides to these frameworks, along with the cultural power that he commands paint a convincing story that one can trust in.
Following crypto’s adoption in the passing year, adopting Musk’s strategies in crypto for 2024 could be, without a doubt, entertaining—and financially rewarding.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always do your own research before making investment decisions.
