Elon Musk has once again inserted himself into the crypto conversation with a set of bullish remarks on bitcoin and dogecoin, even as the market remains under pressure from steep losses and the fallout of the FTX collapse. In comments posted online and during a Twitter Space discussion, Musk said bitcoin “will make it” despite what he described as a potentially long winter for the digital asset market. He also revived enthusiasm around dogecoin with his familiar rallying cry: “Doge to the moon.”
The remarks came at a time when sentiment across the crypto industry was deeply fragile. Bitcoin had fallen dramatically from its roughly $69,000 level a year earlier and was trading around $16,000. According to the source material, Musk’s public comment was followed by a sharp upward move in bitcoin’s price from below that level. At the time referenced in the report, bitcoin was trading at $16,987. While market moves are rarely explained by a single factor, the reaction showed that Musk’s influence over crypto narratives remains significant.
Musk’s View on Bitcoin’s Long-Term Outlook
Musk’s central message on bitcoin was straightforward: the asset may be facing a difficult period, but he does not believe it is finished. Responding to a question about where bitcoin could be a year later given its deep drawdown, he wrote that “BTC will make it, but might be a long winter.” That framing is notable because it combines long-term optimism with near-term caution, a tone that reflects the broader uncertainty in crypto markets during periods of deleveraging and institutional stress.
Musk has previously described bitcoin as suitable for use as a store of value. He has also disclosed that he personally owns bitcoin, and that both Tesla and SpaceX have held the asset as well. Tesla’s most recent filings with the U.S. Securities and Exchange Commission cited in the source showed that the company still held about $218 million in digital assets. Although Tesla sold about 75% of its bitcoin holdings in July, Musk emphasized at the time that the move should not be interpreted as a negative verdict on bitcoin itself. He said the company remained open to increasing its bitcoin holdings in the future.
That distinction matters. For market participants, Tesla’s earlier sale had raised questions about corporate conviction in bitcoin during a downturn. Musk’s follow-up comments suggest that, from his perspective, treasury management decisions do not necessarily reflect a change in the strategic case for the asset. In other words, short-term liquidity choices and long-term belief in bitcoin can coexist.
Dogecoin Gets Another Endorsement
Musk also renewed his support for dogecoin, a token he has promoted for years and one that has often reacted strongly to his public statements. During a Twitter Space conversation, he said “Doge to the moon,” a phrase that quickly rekindled enthusiasm among dogecoin supporters and, according to the source, helped trigger a price surge.
His association with dogecoin is long-standing enough that parts of the community refer to him as the “Dogefather.” Musk has previously said that he owns dogecoin and intends to keep buying and supporting it. More importantly, he has argued that dogecoin “has potential as a currency,” positioning it differently from bitcoin, which he has more often framed as a store-of-value asset.
That distinction helps explain why dogecoin continues to occupy a special place in Musk’s public commentary. While many meme coins are driven almost entirely by social sentiment, Musk’s support has often centered on the idea that dogecoin’s simplicity, brand recognition, and transactional orientation could give it practical utility in consumer-facing ecosystems.
Payments Use Cases Keep the DOGE Narrative Alive
Musk’s broader business empire has played a major role in sustaining the market’s interest in dogecoin. Tesla already accepts dogecoin for some merchandise purchases. Musk said SpaceX would soon do the same, extending the token’s use within another one of his companies. The Boring Company, also associated with Musk, accepts the meme coin for some rides as well.
Those examples are important because they move the conversation beyond speculation and into real-world payments, however limited in scope. Dogecoin’s supporters have long argued that merchant acceptance, even in niche settings, strengthens the case that it could function as an internet-native payment token rather than just a meme-driven trade.
The report also noted that Twitter, now under Musk’s ownership, had filed paperwork to operate a payments business. That filing has fueled persistent speculation among dogecoin backers that DOGE could eventually be integrated into the platform’s payment tools. The source does not confirm that such an integration is planned, but the possibility has remained a major part of the bullish thesis around the token whenever Musk comments publicly about payments, social media, or crypto.
FTX Fallout and Musk’s Cold Wallet Advice
Musk’s comments were not limited to price outlooks and token endorsements. He was also asked about the future of crypto in the wake of the FTX implosion, one of the most damaging exchange failures in the industry’s history. His answer focused less on speculation and more on custody risk.
He advised users that if they own crypto, they should keep it in a directly accessible cold wallet, not on an exchange. Calling that approach the wiser option, he underscored a lesson that many market participants relearned during the FTX crisis: ownership on paper is not the same as control in practice if assets are held through a centralized intermediary.
Musk added that he believes there is “probably” a future for bitcoin, ethereum, and doge, though he declined to make broader claims about other cryptocurrencies. His formulation was selective rather than sweeping. He did not extend blanket support to the entire market. Instead, he singled out three of the most recognizable digital assets and tied his confidence to a condition: users should hold them off exchanges and in wallets they control.
That stance aligns with a wider post-FTX shift in crypto discourse. The collapse of a major exchange intensified the debate over self-custody, proof of reserves, and the risks of trusting centralized platforms with customer funds. Musk’s intervention echoed a growing industry refrain: if decentralization is part of crypto’s value proposition, then direct possession of private keys remains one of its most important practical expressions.
A Familiar Voice in a Shaken Market
Musk’s latest remarks show that he remains one of the most influential public figures in crypto, even when his role is informal and his comments are brief. Markets still react to his words, especially when they concern bitcoin and dogecoin. Yet this episode also reveals a more nuanced message than simple cheerleading. He is optimistic about the long-term future of a small group of major digital assets, but realistic about the possibility of prolonged weakness. He is enthusiastic about adoption, particularly for dogecoin, but careful not to endorse the entire field. And in the aftermath of one of crypto’s biggest institutional failures, his strongest practical recommendation was not to trade more, but to take control of custody.
For investors, the significance of Musk’s view lies less in the headline slogans and more in the framework behind them. Bitcoin, in his view, can survive a harsh market cycle. Dogecoin still has room to develop as a payments token. Ethereum remains part of the small set of crypto assets he sees as having a plausible future. But confidence in those assets, he suggests, should be paired with caution about where and how they are held.
In a market defined by volatility, failed intermediaries, and rapidly shifting narratives, that combination of optimism and self-custody may be the most consequential part of Musk’s message.