What Cryptocurrency Does Elon Musk Own? The Details

Elon Musk, the tech billionaire known for his ventures like Tesla and SpaceX, often makes waves with his comments and actions, particularly in the world of cryptocurrency. Many followers and investors keenly watch his moves, wondering What Cryptocurrency Does Elon Musk Own. Back in 2021, Musk himself confirmed his holdings via a post on X (formerly Twitter), revealing ownership of three major digital currencies.

Elon Musk tweet confirming ownership of Bitcoin, Ethereum, and Dogecoin crypto assets.

In his characteristic style, Musk referred to Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) as mere ‘ascii hash strings’, hinting that these digital assets are fundamentally just sequences of hashed data. While acknowledging all three, his most enthusiastic public support has consistently been for Dogecoin, even as he has offered both praise and criticism for Bitcoin and Ethereum at different times.

Dogecoin (DOGE): The Meme Coin Musk Champions

Musk has frequently championed Dogecoin, praising both its humorous origins and its underlying technology. He appears genuinely fond of the coin often associated with the Shiba Inu meme.

Graphic illustrating Elon Musk praising Dogecoin's technology and transaction potential over Bitcoin.

During an appearance on the Lex Fridman Podcast, Musk highlighted Dogecoin’s relatively faster transaction speeds and lower fees compared to Bitcoin. While acknowledging DOGE started as a joke, he argued its blockchain design was actually better suited for everyday transactions. Although Musk confirmed he owns DOGE, the exact amount remains undisclosed.

Several Musk-affiliated organizations have also embraced Dogecoin:

• Tesla currently accepts DOGE as payment for certain merchandise.
• The Boring Company allows customers to pay for rides on its Las Vegas loop system using DOGE.
• SpaceX announced the DOGE-1 satellite mission to the moon, funded entirely with Dogecoin.
• Musk heads the Department of Government Efficiency (DOGE), a name likely chosen as a nod to the cryptocurrency.

Despite this high-profile support, it’s crucial to remember that Dogecoin’s value is highly speculative. Unlike Bitcoin, often seen as a store of value, or Ethereum, which powers decentralized applications, DOGE currently has fewer established real-world uses and possesses an inflationary supply model.

Bitcoin (BTC): A Tumultuous History

Elon Musk’s relationship with Bitcoin appears more complex. In a 2018 tweet, he mentioned owning just 0.25 BTC, reportedly sent to him by a friend years prior. It is not publicly known if he personally holds Bitcoin today beyond that initial small amount.

However, his company Tesla made a significant move in 2021, purchasing $1.5 billion worth of BTC and briefly accepting it as payment for vehicles. The company stated this was for ‘more flexibility to further diversify and maximize returns for our cash’.

This acceptance was short-lived. Only two months later, Tesla reversed course, halting Bitcoin payments and beginning to sell off its holdings. Musk explained this decision was partly driven by concerns over the environmental impact of Bitcoin mining, citing its reliance on fossil fuels. He also stated the sale aimed to improve Tesla’s cash position amid uncertainty related to COVID-19 lockdowns in China.

Musk has also voiced technical criticisms of Bitcoin. On the Lex Fridman Podcast, he described Bitcoin as “too slow,” attributing this to its design originating in 2008 when internet speeds were significantly lower.

Ethereum (ETH): Held, But Not Without Criticism

In the same 2021 confirmation where he mentioned Bitcoin and Dogecoin, Elon Musk verified that he owns Ethereum (ETH). However, similar to Bitcoin, his ownership hasn’t stopped him from criticizing the second-largest cryptocurrency. Musk has publicly pointed out Ethereum’s issues with slow transaction speeds and high network fees (often called gas fees), suggesting limitations to its scalability.

What About NFTs? Musk Remains Skeptical

Elon Musk has not endorsed any Non-Fungible Token (NFT) collections. His stance on NFTs seems critical, primarily due to their technical structure. Appearing on the Joe Rogan Experience podcast, Musk criticized NFTs because the actual image or media file isn’t typically stored directly on the blockchain itself. He argued this reliance on external servers for hosting the associated media makes NFTs dependent on centralized entities, undermining the decentralized ethos.

Furthermore, after Musk acquired X (formerly Twitter), the platform discontinued its feature that allowed users to display blockchain-verified NFTs as profile pictures, aligning with his expressed skepticism.

Does Musk Back Any Memecoins? Be Cautious

While Elon Musk doesn’t have his own personal cryptocurrency, his name and influence are often linked to various memecoins. The most prominent is Dogecoin (DOGE), which he actively supports and owns.

Other coins sometimes associated with him include:

• Floki Inu (FLOKI): This cryptocurrency was inspired by Musk’s pet Shiba Inu, named Floki. However, Musk has publicly stated that he does not own any FLOKI, and the project is not endorsed by him.
• Elon-themed Tokens: Numerous meme tokens using Musk’s name or likeness have emerged. Musk has explicitly disavowed these projects.

Caution is advised when encountering memecoins branded with Elon Musk’s name or image. Many simply leverage his fame for attention and are not genuinely affiliated with him in any way. Musk has also clearly stated that none of his companies intend to create their own crypto token.

Blockchain Ambitions in Government?

There are signs Musk sees potential for blockchain technology beyond cryptocurrency speculation. A Bloomberg report in January 2025 mentioned that the Department of Government Efficiency (DOGE), led by Musk as part of a government advisory role, was exploring the use of blockchain. Potential applications included tracking federal spending, enhancing data security, and even managing government buildings.

Whether these ideas will feature in the department’s final recommendations (expected by July 2026) or ever be implemented into law remains uncertain. It’s also unclear which specific blockchain technology might be considered. Nonetheless, it indicates that Musk and potentially the administration he advises are considering crypto-friendly policies and blockchain applications.

Conclusion

To summarize What Cryptocurrency Does Elon Musk Own, based on his public statements, the list includes Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). His enthusiasm appears strongest for Dogecoin, which is also accepted by some of his companies. While acknowledging ownership of BTC and ETH, he has also voiced significant criticisms about their technology and environmental impact. Musk remains critical of NFTs and has disavowed memecoins using his name, apart from his known support for DOGE. His actions continue to significantly influence the volatile crypto market, making his holdings and opinions a constant subject of interest in the entertainment and tech news cycle.