Elon Musk and Crypto: So, What’s Really in His Wallet?
Elon Musk, the man behind Tesla, SpaceX, and X (what we used to call Twitter), has openly said he owns three kinds of crypto: Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). Whenever he talks about them, their prices go wild, but nobody knows exactly how much he has, which keeps the market guessing.
So, what crypto does Elon Musk own, and why does it matter so much to the market?
What He Says He Owns: Bitcoin, Ethereum, and the “People’s Crypto”
Bitcoin (BTC): His Main Crypto Stash
Musk himself has said Bitcoin is his biggest personal crypto investment. At “The ₿ Word” conference in July 2021, he let slip that he held “much more Bitcoin than Ether or Doge.” Just how much is a secret. His Bitcoin story started earlier, though; back in 2018, he mentioned a friend gave him 0.25 BTC years before. Most people figure he’s bought a lot more since then.
His companies are in on Bitcoin too, not just his personal accounts. Tesla made headlines in February 2021 by putting $1.5 billion of Bitcoin on its books, a move that made big institutions take crypto more seriously. Even though Tesla later sold a good chunk for cash, reports suggested it still had about 11,509 BTC by early 2025. SpaceX, his rocket company, also holds Bitcoin; figures from January 2025 put their stash around 8,285 BTC.
Ethereum (ETH): The One for Smart Contracts
Musk first mentioned owning Ethereum personally in July 2021, during that same “The ₿ Word” event. He hasn’t said how much ETH he has, only that it’s less than his Bitcoin. After he said it, Ethereum’s price jumped – that’s the “Musk Effect” for you, shaking up digital money values.
Dogecoin (DOGE): His Pet Meme Coin
Dogecoin is a curious favorite of Musk’s, and not without some side-eye from onlookers. He’s cheered for the meme coin over and over, even calling it “the people’s crypto.” In January 2024, he confirmed he had a “bunch” of Dogecoin, but like his other crypto, no one knows the exact amount. His enthusiastic and often puzzling tweets have definitely sent Dogecoin prices soaring, making some wonder if he’s secretly a huge Dogecoin holder, though there’s no proof of that. Tesla even lets people buy merchandise with Dogecoin, tying it closer to Musk’s businesses.
A Quick Look at His Crypto Comments and Company Actions:
- Before 2018 (talked about it in 2018): Got 0.25 BTC as a gift.
- February 2018: Said he only had that gifted 0.25 BTC.
- 2019: Mentioned owning a little Bitcoin (that 0.25 BTC).
- February 2021: Tesla revealed its $1.5 billion Bitcoin purchase.
- March 2021: Tesla started taking Bitcoin for cars.
- April 2021: Musk explained Tesla sold 10% of its Bitcoin just to show it could easily be turned into cash.
- May 2021: Tesla stopped Bitcoin payments, worried about how mining affects the environment.
- July 2021 (“The ₿ Word” Conference): Musk confirmed he personally owns Bitcoin, Ethereum, and Dogecoin, with Bitcoin being his biggest holding. He also said SpaceX owned Bitcoin. Ethereum’s price shot up over 10% after this.
- October 2021 (Tweet): Said again he owned BTC, ETH, and DOGE, claiming he bought them “out of curiosity.”
- March 2022 (Tweet): Declared he still had his Bitcoin, Ethereum, and Dogecoin and wasn’t selling.
- Q2 2022: Tesla sold off about 75% of its Bitcoin, needing cash because of COVID-19 issues in China.
- Early 2025: Word was Tesla held around 11,509 BTC. SpaceX was said to have 8,285 BTC.
More Than Just Three? Sorting Rumors from Reality
Musk seems focused on Bitcoin, Ethereum, and Dogecoin, but you always hear whispers about him and other altcoins.
- Shiba Inu (SHIB): His Shiba Inu puppy, Floki, often made SHIB prices jump when Musk tweeted pictures, but Musk has clearly stated he doesn’t own any SHIB.
- Floki Inu (FLOKI): This coin was named after his dog and got some attention, but Musk hasn’t backed it or said he owns any.
It’s important to remember there’s a difference between the crypto Elon Musk owns himself and what his companies hold. Tesla and SpaceX use Bitcoin in their money plans, but that’s separate from what Musk chooses for his own investments. The crypto world changes fast, and Musk changes his tune sometimes, so what he holds and thinks can shift. This info is based on what he’s said publicly and what’s been reported up to early 2025.
The “Musk Effect”: How He Shakes Up the Market
When Elon Musk says something, especially on X, it hits the crypto markets hard and fast. People call this the “Musk Effect.”
His tweets have definitely made prices swing wildly. For example, when he added “#Bitcoin” to his Twitter bio in January 2021, Bitcoin’s price climbed quite a bit. Then, when Tesla announced it bought $1.5 billion in Bitcoin, the coin’s value jumped over 20%. On the flip side, his May 2021 tweet about Bitcoin mining being bad for the environment made its price drop sharply.
Dogecoin has been especially jumpy. Tweets like “Dogecoin is the people’s crypto” made trading volumes and prices explode. Even when he called Dogecoin a “hustle” on Saturday Night Live in May 2021, its price took a big dive.
This power to move markets gets him praise from people who’ve made money and anger from critics who say he’s playing with the market. Money experts often tell people to be careful, since these assets can be so easily swayed by one person’s words.
Why He’s Into Crypto and What’s Next
Musk seems drawn to crypto because he’s fascinated by game-changing tech, believes it can free up finance, and sees business opportunities. His past with X.com (which became PayPal) shows he’s been interested in digital money for a long time.
For Tesla and SpaceX, Bitcoin has been a way to manage company money and protect against inflation. Letting people buy merch with Dogecoin fits with Musk’s open liking for the coin and its fans.
The biggest crypto moves in his future might be tied to X. Musk wants X to be an “everything app,” and payments are a big part of that dream. There’s a lot of talk that “X Money,” which might come out in 2025, will use cryptocurrencies. Dogecoin and Bitcoin are often named as the top choices. If this happens, it could bring digital money to tons of users, really pushing it into the mainstream.
While Musk likes Bitcoin as something to hold onto for value, he’s also knocked its slow transaction speeds and energy use. He’s surprisingly praised Dogecoin for being potentially good for making quick transactions. This mixed bag of opinions shows his thoughts are always changing and his involvement in crypto is complex.
So, while Elon Musk has said he owns Bitcoin, Ethereum, and Dogecoin, we don’t know the whole story of his crypto adventures. What’s clear is his huge sway over the market. His plans for X especially hint that crypto could become even more woven into his tech world.
