Elon Musk, the CEO of Tesla, voiced a positive outlook on Bitcoin, acknowledging its value and hinting at an appreciation for other digital currencies, while reiterating his fondness for Dogecoin.
Speaking at an X Takeover event, Musk stated, "I do think there's some merit in Bitcoin and maybe some of the other crypto," without specifying which cryptocurrencies he had in mind. He also expressed his affection for Dogecoin, the meme-inspired cryptocurrency featuring a Shiba Inu dog. "I sort of have a soft spot for Dogecoin because I just like dogs and memes," he added, showcasing his playful approach to the crypto world.
Despite his personal interest, Musk emphasized that he does not actively promote cryptocurrencies. Addressing the misuse of his image in crypto scams, he stated, "I'm not going to be promoting crypto—at most, in a joking way." He further cautioned, "If you see me pumping crypto, it's not me."
The Tesla CEO's image has been exploited in various scams, from hacking his Twitter account to creating fake advertisements and deepfake videos, deceiving unsuspecting victims into parting with substantial amounts of cryptocurrency. At the X Takeover event, Musk advised users to be vigilant against scams, urging them to "double check whether that is real" when encountering crypto-related promotions.
Tesla, under Musk's leadership, continues to hold a significant amount of Bitcoin. Analysts have determined that the company's Bitcoin holdings remained stable in the last quarter of 2023, valued at approximately $387 million with over 9,720 BTC. This information, sourced from Bitcoin Treasuries, highlights Tesla's ongoing commitment to cryptocurrency as part of its corporate treasury.
Musk's stance on cryptocurrency has seen numerous shifts. In 2021, he briefly announced that Tesla would accept Bitcoin as payment for its vehicles, an initiative that was quickly retracted. Nonetheless, the company maintains its Bitcoin holdings. Additionally, Musk has been a vocal proponent of Dogecoin, even suggesting that Tesla might eventually accept it as a form of payment.
