The CEO of Tesla and SpaceX, Elon Musk, has shown his support to the crypto market through his public statements. As one of the biggest influencers in the business industry, Musk’s statements moved the crypto market many times. In this article, you will get a detailed overview of what crypto Elon Musk supports in 2025.
Bitcoin:
In February 2021, Elon Musk took a huge step with Tesla, as the firm disclosed that it had invested $1.5 billion in Bitcoin. The price of one BTC was about $ 38,000 on February 7; it went above $ 44,000 on February 9th, which was one day after the Tesla announcement. Its trading value reached $60,000 in April 2021.
In March 2021, Musk said that Tesla would start accepting BTC for buying an electric car. A little later, the price rose to $58,000 at the end of March from $49,000 on March 1. However, in mid-May, Tesla reversed its decision because of the effect of the energy used by BTC mining on the environment. It shocked the crypto community after its price reached a low of $39,000 at the end of May 2021.
Then, in late June, Musk revealed that Tesla had not sold all of the Bitcoin. For instance, in July 2022, Tesla disposed of 75% of the total cryptos at a loss. In October 2024, Tesla sold over 11,500 BTC at an average price of $66,000, which was worth $760 million, and transferred them to an unknown wallet. This brought up the question of whether Elon Musk is actually selling all his cryptocurrencies. Currently, Tesla’s Bitcoin balance is equal to zero, with just $6.65 of Bitcoin being on Tesla’s wallet. BTC remains one of Musk’s favorite digital currencies. He has supported Bitcoin right from the start, but he is less vocal about it now than he was at the beginning of 2021.
Dodgecoin:
The first cryptocurrency, which Musk is more related to the public, is Dogecoin. Founded in 2013 as a fun cryptocurrency, Dogecoin had no significant adoption until 2020 and early 2021 when Musk started tweeting about it.
At the beginning of the year, specifically January 1, 2021, the price of the Dogecoin was sitting at just approximately $0.005. In February and April, Musk posted tweets and supportive messages about Dogecoin, which led to an increase in the price of the cryptocurrency. By the end of the first week of May 2021, before Musk’s appearance on SNL (May 8, 2021), DOGE rose to about $0.70, which was a 14,000% increase from the beginning of the year.
Musk once called Dogecoin the “people’s crypto,” and tweeted memes and poll results. For instance, in February 2021, he just tweeted – “Dogecoin is the people’s crypto.”, the price of Dogecoin the,n which was around $0.05, immediately rose to about $0.08 within one day. Another was on 14 April 2021 when Musk tweeted, ‘Doge Barking at the moon,’ a tweet that saw a doge pump from about $0.25 to $0.30 in a few hours only.
However, Musk’s involvement was not only confined to tweets. In May 2021, he appeared on “Saturday Night Live,” where he said Dogecoin was a hustle and it triggered a dump. Dogecoin, which traded at roughly $0.70 prior to the show, fell to roughly $0.45 soon after.
Subsequently, in 2022 and early 2023, Musk’s purchase of Twitter also contributed to Dogecoin manipulation. Dogecoin also benefited from Musk’s first revelation of the plan to acquire Twitter in April 2022. While there were no official affirmations of Dogecoin’s implementation into Twitter, investors speculated the coin’s integration with the payments. When Elon Musk finally acquired Twitter in November 2022, the price of DOGE rose from approximately $0.07 to about $0.14 within a couple of days.
In April 2023, Elon Musk replaced the Twitter bird logo with the DOGE coin for a few days. When the Dogecoin logo appeared at the bottom of the Twitter website, the DOGE price surged from over $0.07 to $0.10, which roughly translates to 40% or more. Although Musk did not issue any serious statement or details of integration, this small change revealed how much the market paid attention to him.
Other Cryptocurrencies that Elon Musk Supports:
Ethereum:
Apart from Bitcoin and Dogecoin, Musk has only named several other cryptocurrencies. He has used the Ethereum name in some of the tweets and retweeted messages about other altcoins.
However, such mentions are relatively rare, and therefore, they are less effective in shifting market prices. In November 2019, Musk responded to Ethereum co-founder Vitalik Buterin with a single tweet, “Ethereum.” This produced no significant price change.
Shiba Inu:
Musk has also tweeted reactions to other tokens, such as the Shiba Inu coin, which is a token inspired by Dogecoin. But once more, the impact is not very straightforward. The Shiba Inu token community attempted to associate Musk’s comments with price appreciation. Still, the effects were less pronounced because the same Musk at some point announced that he does not own Shiba Inu tokens. What Elon Musk initiated for Dogecoin did not have the same impact on Shiba because the token lacked Musk’s ownership or open support.
Musk’s Reasons to Support Certain Crypto Coins:
Musk has actually given some rationale on why he owns specific cryptocurrencies. He has also said that Dogecoin, which was created as a meme coin, can be used as a medium of exchange because of lower functioning fees than Bitcoin. He also described that many people at the Tesla and SpaceX companies held Dogecoin as an indicator of the company’s support from everyday workers.
In the case of Bitcoin, Musk also listed that he considers it to be a store of value and a very established cryptocurrency. However, due to the pollution issues associated with mining, he cut the direct participation of Tesla in it. He has encouraged everyone in the Bitcoin environment to adopt the use of renewable energy. In a study conducted by the Bitcoin Mining Council in late 2021, the sustainability of the energy mix used in Bitcoin mining was increasing. Despite recognizing the advancements, Musk did not reverse Tesla’s Bitcoin acceptance policy right away.
