Elon Musk says he doesn’t like crypto all that much – not even Bitcoin

Elon Musk on Cryptocurrencies: A Complex Relationship

Elon Musk, the CEO of Tesla and SpaceX, recently discussed cryptocurrencies on the X Takeover podcast. Despite acknowledging their potential, Musk admitted he is not eager to promote cryptocurrencies, including Bitcoin.

Elon's Stance on Crypto

"I'm not going to be promoting crypto. At most, in a joking way."

Dogecoin: A Soft Spot

Dogecoin fans were particularly attentive to Elon's remarks, given his past support for the meme-based cryptocurrency. Musk expressed a fondness for Dogecoin.

"I've sort of got a soft spot for Dogecoin because I like dogs and memes."

Elon and Bitcoin: A Fluctuating Relationship

Musk's relationship with Bitcoin has been complex. In 2021, Tesla invested $1.5 billion in Bitcoin and briefly accepted it as payment for vehicles. However, Tesla later cited environmental concerns over crypto mining and discontinued Bitcoin payments, although it still holds Bitcoin in its reserves.

Market Influence

Elon's comments have often impacted the cryptocurrency market, leading to both increases and decreases in value. However, during the podcast, he downplayed his influence, suggesting that he does not actively promote cryptocurrency.

Dogecoin: A Favorite

Dogecoin has consistently been a favorite of Elon. He has praised its humorous and meme-centric nature, referring to it as "the people's crypto."

Cautions and Tweets

While Elon has not actively promoted Dogecoin recently, his companies Tesla and SpaceX continue to accept it for merchandise. He also plans to launch the DOGE-1 moon mission. However, he has consistently advised against excessive investment in volatile crypto assets.

Market Impact

Elon's words and tweets have a notable impact on cryptocurrency prices, particularly Dogecoin. His influence has drawn both support and criticism, with some applauding his attention-grabbing efforts and others criticizing the market volatility he induces.

Twitter Integration Uncertain

Speculation has arisen regarding the potential integration of cryptocurrency payments into Twitter under Elon's ownership. However, no concrete plans have been announced.