What cryptocurrencies does Elon Musk own?
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Elon Musk is quite vocal about cryptocurrencies at events and especially on Twitter. Since he has invested heavily in crypto and is one of the richest people in the world, his opinions seem to guide the crypto market.
When he started tweeting the pictures of his Shiba Inu puppy, investors thought he was referring to owning Shiba Inu crypto. Suddenly, the price of the Shiba Inu increased following his tweets.
However, he later revealed that he did not own Shiba Inu and only invested in three cryptocurrencies. What does Elon Musk’s crypto wallet look like? Here is an overview of the cryptocurrencies he holds.
What cryptocurrencies does Elon Musk own?
At The B Word conference in June 2021, Elon Musk said he supports Bitcoin. He also revealed that Tesla may start accepting bitcoin payments again. The CEO of SpaceX and Tesla further stated that Bitcoin could be used for economic empowerment.
As revealed in his tweets and with confirmation during the conference, Elon Musk revealed that he owns three cryptocurrencies:
Musk believes in the future of Crypto
During the conference, he further stated that he has more Bitcoin than Dogecoin and Ethereum. The reason behind this is its firm belief in currency. He does not plan to sell his Bitcoin holdings as he does not believe in selling the crypto when the price is high.
He emphasized that he wanted to see Bitcoin succeed. It is apparent from his views on Bitcoin that Elon Musk believes in the long-term potential of cryptocurrency.
While Musk’s interest in Ethereum and Bitcoin is valid due to the influence and feasibility of cryptos in the DeFi space, his Dogecoin investment surprised many. He even advocated for Dogecoin, a meme currency, which sets him apart from other investors who don’t pay attention to meme coins.
SpaceX employees own Doge
Musk said he invested in Doge because it looked like people’s crypto. When he spoke to people at SpaceX and Tesla, he found that most of them possessed Doge. He said these people are neither Silicon Valley technologists nor financial experts. However, since they supported Doge, it also inspired him to invest in the currency.
Another reason given by Musk for investing in Doge is that he loves memes and dogs. He said it would be a fun and ironic outcome if a cryptocurrency that started out as a meme to poke fun at cryptocurrencies becomes mainstream.
Here’s a look at Musk’s relationship with each of the three cryptocurrencies he owns.
Overall, Musk’s relationship with Bitcoin has been somewhat complicated.
Tesla and Bitcoin
In February 2021, Musk announced that Tesla had purchased Bitcoin for $1.5 billion. The company also announced that it will start accepting Bitcoin as a payment method. The news led to an increase in the rise of Bitcoin and other cryptocurrencies.
In March, Elon Musk announced that Tesla would accept Bitcoin as payment. In April, Bitcoin hit its all-time high of $64,863.10.
Later in May, Musk shocked Bitcoin enthusiasts when he backtracked on his decision to accept Bitcoin as a form of payment for Tesla due to environmental concerns. His announcement, along with other factors, caused Bitcoin’s price to drop.
Misunderstandings on Twitter
A few days later, the price of Bitcoin fell further when a conversation on Twitter created a misunderstanding. One user tweeted that he wouldn’t blame Musk for dumping his Bitcoin, given the price drop. Musk replied to this tweet with “Indeed”, which led investors to believe that he may be considering selling his Bitcoin.
Yet the next day, the billionaire reassured investors that Tesla had no plans to sell its Bitcoin.
Although Musk believes in the potential of Bitcoin, the billionaire is concerned about the environmental impact of the cryptocurrency. His concerns are justified since Bitcoin’s carbon footprint is comparable to the carbon footprint of the whole of Uzbekistan.
In addition, the currency’s electrical power consumption is comparable to Thailand’s overall power consumption.
Since occasionally tweeting about Dogecoin, Elon Musk has almost become the public face of the currency. It has been following Dogecoin since the coin’s release. In one of his Twitter posts, he said Dogecoin might be his favorite currency because “it’s pretty cool.”
Impact on Twitter
In 2020, his tweets significantly influenced Dogecoin prices. However, the major effect was seen during Musk’s appearance as the host of Saturday Night Live, where he was called the “Dogefather”.
In one of the show’s segments, Musk called the coin a “hustle” and his statement has driven the price of the coin down for the time being.
Dogecoin is a better option for daily transactions
In a recent interview. Elon Musk said that Dogecoin is a better option than Bitcoin when it comes to day-to-day transactions. He said Bitcoin is not a good substitute for transactional currency, while Dogecoin is more suitable for transactions.
He also announced that Tesla would release products that could be purchased with Doge. Musk’s announcement increased the price of Dogecoin by 23%.
In April 2019, Elon Musk tweeted: “Ethereum”. His one-word tweet increased investor interest in cryptocurrency. Additionally, he started an online conversation between Ethereum co-founder Vitalik Buterin and Elon Musk.
Later that year, he responded to William Shatner’s tweet saying he wasn’t building anything on Ethereum. He further stated that he is neither against nor for Ethereum. He simply doesn’t use money, nor does he own it.
However, it now appears that he owns the currency as he said it is one of the three currencies he has invested in.
How will this crypto relationship with Elon Musk develop further? Musk’s tweets and time will show.
Although Elon Musk’s tweets play a role in driving the crypto market, you shouldn’t base your investments on how an executive or influencer tweets about a cryptocurrency. Do your research and only invest in cryptocurrencies that have potential. In 2017, the SEC warned that it was not a good idea to invest in something because a famous person said a certain service or product was a good investment.
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