For many people, Elon Musk is known as an American entrepreneur-adventurer who founded such famous companies as Tesla Motors and SpaceX. However, there are those for whom Elon is better known as an investor and one of the most active supporters of the implementation of cryptos in the economy. And it is not without reason: he literally popularized the Dogecoin cryptocurrency, which was named after the meme with a Shiba Inu dog.
Is Elon really supporting digital money and investing in it? And if so, what crypto does Elon Musk own? Interesting questions. Find the answers in our detailed analysis of Elon Musk's cryptocurrency portfolio.
What Cryptocurrency Does Elon Musk Own?
Elon Musk is quite vocal about cryptocurrencies during events and especially on X. Nevertheless, his statements have often mostly failed to give any specificity and certainty about his ownership of cryptos. But at The B Word conference in July 2021, Elon Musk stated his support for Bitcoin.
Does Elon Musk own Bitcoin only? If we take into account information from posts on X (former Twitter) and statements at events, we can see that Elon Musk's crypto portfolio consists of more than just one coin. It includes the following cryptocurrencies:
- Bitcoin
- Ethereum
- Dogecoin
Also on the vastness of the Internet there was a rumor that Elon also owns the Shiba Inu crypto. This belief was held by investors as they took the pictures of a Shiba Inu puppy published by Elon as a hint of ownership of this token. Since he has invested heavily in cryptocurrency and is one of the richest people in the world, his views seem to have shifted the cryptocurrency market, because as a result, the price of Shiba Inu token rose after his tweets. However later he revealed that he does not own Shiba Inu and has only invested in three cryptocurrencies.
How Much Bitcoin Does Elon Musk Own?
Elon Musk cryptocurrency story started with Doge, but it took a completely different turn in early 2021 when Musk changed his bio in X to include one simple word: #Bitcoin. A short time later, Tesla announced that it had bought $1.5 billion worth of Bitcoins and was planning to accept BTC as payment in exchange for its products altogether.
Tesla did accept Bitcoins for its cars at one period, but citing environmental concerns related to BTC mining the company removed the ability to pay via Bitcoins. After making a similar statement and acknowledging the detrimental environmental impact of BTC, the $1.5 billion amount dwindled, with Musk selling 4,320 Bitcoins that year and three-quarters of the remaining Tesla Bitcoins in 2022.
How many Bitcoin does Elon Musk own now? As of today, Musk’s company Tesla owns nearly 10,000 Bitcoins, making Elon and the company's founders the third-largest public Bitcoin holders. The company's quarterly report from the previous year also showed that its current investment in Bitcoins is valued at $512 million.
Elon Musk's Impact on Crypto Markets
After that very updated bio #Bitcoin, the price of the world's first cryptocurrency rose by more than 20%. This is far from the first time that the digital money's exchange rate has changed dramatically after Musk's remarks.
Dogecoin
He started this journey of a cryptocurrency CEO marketer with an altcoin like Dogecoin. Thanks to Musk's support of Dogecoin since its inception, the token created for fun became a household name and its value skyrocketed. Moreover nowadays Dogecoin is one of the most used altcoins, especially for tips and donations in social networks. The coin was able to achieve this result thanks to Elon Musk crypto funny posts.
For example, back in April 2019 Musk wrote that Dogecoin might be his favorite cryptocurrency. In February 2021, Musk published a photo of a flying Falcon 9 rocket and captioned it "Doge". Then in less than an hour, the value of Dogecoin rose 47% to $0.059 per token. A few days later, Musk called Dogecoin "the people's cryptocurrency," and mentioned that he bought it for his son.
The token price increase was also influenced by the announcement that Elon Musk crypto coin influencer was scheduled to host "Saturday Night Live" on May 8. However, after Musk's speech, in which he called Dogecoin "hype," the cryptocurrency's price plummeted by 28%. Dogecoin's price of $0.65 at the beginning of the show turned into $0.47 after the show ended.
Ethereum and Bitcoin
Elon Musk crypto influence has had an impact on other coins as well. At The B Word conference, it became known that the billionaire and head of several companies, in addition to Bitcoin itself, also owns Ethereum. This statement stunned many and after that the price of Ether rose by 12% and exceeded $2000.
Has Elon managed to influence Bitcoin? We think so. The news of Tesla's $1.5 billion purchase of Bitcoin may have influenced the following: on February 16, Bitcoin broke through the record $50,000 mark and the cryptocurrency's year-to-date growth was 72%.
As time has shown, Musk knows how to influence not only the increase in the rates of coins, but also their decrease. After the news that the company is suspending the acceptance of payment for electric cars in Bitcoins due to the unecological method of cryptocurrency mining, the price of BTC fell by 15% to $46,200.
But does Elon Musk still Bitcoin after that? Yes. However, the CEO of Tesla and Spacex confirmed on his social network X that his companies will never create Elon Musk new crypto-tokens.
Summary
As it became known relatively recently, Elon Musk portfolio crypto still contains Bitcoins and Dogecoins. But there is no guarantee and certainty that you and we should blindly believe Elon's crypto strategy. So remember to choose cryptocurrency strategy carefully and do the comprehensive research and analyze the possibilities of each cryptocurrency on your own. And remember that more interesting articles are also available on our blog!
