Elon Musk feels this cryptocurrency is ‘people’s crypto', explains his reasoning (2024)

FAQs

What cryptocurrency is backed by Elon Musk? ›

Whether you're interested in crypto or not, you've probably heard of Dogecoin. This meme-based cryptocurrency — Elon Musk's favorite — is making headlines again.

Insider Trading Lawsuit

Like most cryptocurrencies, Dogecoin had a devastating crash during the 2022 crypto winter. Investors proposing a class action lawsuit accused Musk of engaging in insider trading and manipulating the cryptocurrency Dogecoin, resulting in substantial financial losses amounting to billions.

On Friday evening, Tesla CEO Elon Musk vociferously denied that any of his companies will ever issue a cryptocurrency, after months of feverish speculation that the tech tycoon was toying with the idea of launching a crypto token.

In a January ask-and-answer session on X, Cuban said that his crypto portfolio includes Bitcoin, Ethereum, Polygon and Injective, and that his NBA team the Dallas Mavericks still accepts Dogecoin as payment.

CRYPTO: SOL

Just about everyone agrees that the no-brainer cryptocurrency to buy right now is Bitcoin (BTC 0.49%). Not only is Bitcoin getting a huge lift from the recent introduction of the new spot Bitcoin ETFs, there's also the halving, which is generally viewed as a very bullish catalyst.

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoins, with estimates suggesting over 1 million BTC mined in the early days of the network.

Musk hopped in to explain Tesla's decision to convert its Bitcoin holdings was not a "verdict" on Bitcoin, but was made to improve its cash position due to uncertainty over COVID-19 restrictions in China, which impacted its Shanghai Gigafactory.

Tesla made a $140m (£113.5m) loss on its Bitcoin investments in 2022, according to filings. The electric car maker told the US regulator it lost $204m on Bitcoin overall, though it gained back $64m through trading.

What did Elon Musk said about crypto? ›

In a talk on social media platform Clubhouse, Musk stated that Bitcoin is “on the verge of getting broad acceptance” and disclosed that he is “late to the party but […] a supporter of Bitcoin” (Krishnan et al., 2021).

Buy SpaceXCoin with Coinbase Wallet

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Billionaire Elon Musk is a huge fan of cutting-edge technology and is usually ahead of the curve when it comes to finance, but he's not a bitcoin bull. The co-founder of Tesla Inc. revealed on Twitter that he owns only a tiny fraction of one bitcoin token.

We are the first to publicly identify these holdings on chain,” the firm posted on X. Arkham believes Tesla currently holds 11,509 BTC across 68 addresses, worth $770.7 million, and SpaceX 8,285 BTC among 28 addresses, worth $554.9 million.

However, it has become public knowledge that Tesla invested $1.5 billion in Bitcoin between January and March 2021 (U.S. Securities and Exchange Commission, 2021), suggesting that those Bitcoin-related tweets may have been more than “only jokes”.