During a recent discussion on X Space, Tesla CEO and SpaceX founder Elon Musk once again publicly revealed his cryptocurrency holdings. “I still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin,” Musk stated, reaffirming his enduring support for the meme cryptocurrency and underscoring the deep ties between his ventures and digital assets.
Musk’s Crypto Conviction: Dogecoin and Bitcoin Side by Side
Known in the Dogecoin community as the Dogefather, Musk has been a vocal proponent of the meme coin for years. In June 2022, he said he would keep buying and supporting Dogecoin. His latest remarks on X Space solidify that stance. Musk has previously revealed that he personally holds Bitcoin, Ethereum, and Dogecoin. However, in December 2023, he admitted that he doesn't spend much time thinking about cryptocurrency and stressed that none of his companies will ever create their own token.
On the business front, Tesla and SpaceX have been accepting Dogecoin for select merchandise. The Boring Company, Musk’s tunnel construction firm, also accepts DOGE for rides on the Las Vegas Loop. Musk even offered to eat a Happy Meal on TV if McDonald’s were to accept Dogecoin payments. These moves have boosted DOGE’s real-world utility.
Bitcoin Holdings at SpaceX and Tesla
Musk’s disclosure is not the first hint of SpaceX’s Bitcoin stash. In Q1 2021, Tesla invested $1.5 billion in Bitcoin, later selling 75% of its holdings in Q2 2022. Musk explained the sale was due to liquidity concerns, especially “Covid shutdowns in China.” Nonetheless, Tesla’s Q3 2023 balance sheet still reported $184 million in net digital assets. SpaceX’s exact Bitcoin position has never been disclosed, but Musk’s confirmation that “a bunch of Bitcoin” remains on its books suggests the company hasn’t fully exited.
Legal Challenges and Market Impact
Musk’s advocacy for Dogecoin has not been without controversy. A group of investors filed a lawsuit alleging that Musk and his companies “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of Dogecoin.” Musk has asked the judge to dismiss the lawsuit, arguing that tweeting support for DOGE is not unlawful. Nevertheless, Musk’s statements continue to move markets. Following his latest remarks in mid-January 2024, Dogecoin’s price saw a brief uptick, and Bitcoin sentiment strengthened.
Meanwhile, Musk is pushing to transform social media platform X into a “powerful” financial hub. X has secured 12 money transmitter licenses, and Musk has said that users won’t need a bank account to make financial transactions on X. In May 2023, he shared a “massive incentive” to move money out of bank accounts. Although Musk hasn’t explicitly confirmed crypto integration, many anticipate that the platform will support digital assets.
Musk’s latest public disclosures serve as a reminder that one of the world’s most influential entrepreneurs is actively holding and promoting cryptocurrencies. The Bitcoin and Dogecoin positions held by SpaceX and Tesla may influence institutional investors’ behavior. Going forward, whether Musk will increase his crypto exposure or integrate digital payments into X will remain a key focus for the industry.