Elon Musk Believes Bitcoin Has Value and Favors Dogecoin

Last weekend, Musk participated in the X Takeover podcast, organized by Tesla Owners Silicon Valley. During the hour-long conversation about technology and sustainability, Musk shared his latest thoughts on Bitcoin.

He stated:

I’m not promoting cryptocurrency, at most I’m just joking around. If you see me hyping up crypto, that’s not me. I think Bitcoin has some value, and so do some other cryptocurrencies. I do have a preference for Dogecoin because I like dogs and memes.

In May, Musk denied discussing cryptocurrencies with Republican presidential candidate Donald Trump. At that time, Elon Musk said:

I have definitely never discussed crypto with Trump, although I often support things that can shift power from the government to the people, which cryptocurrency can do.

Trump and Elon Musk Support Cryptocurrency

Trump was a highly anticipated speaker at the Bitcoin Conference 2024 in Nashville, Tennessee, held from July 25-27. There, the former President declared he would fire SEC Chairman Gary Gensler if re-elected in November. Trump also vowed to do everything possible to keep crypto in the U.S., turning the country into the world’s “Bitcoin superpower” and establishing a national Bitcoin reserve.

Musk, one of the world’s richest people, had been a “lifeline” for Dogecoin, propelling it to new heights in the summer of 2021. Tesla, Musk’s company, invested in BTC and accepted Bitcoin payments (later reversing this decision). Musk has always had a special relationship with Dogecoin, starting in April 2019 when he tweeted:

Dogecoin might be my favorite cryptocurrency. It’s pretty cool.

This initial endorsement doubled Dogecoin’s price from $0.002 to $0.004 in just a few days, peaking at $0.74 in the summer of 2021.

However, Musk asserts that he does not spend much time thinking about cryptocurrencies.