Elon Musk Reaffirms Interest in Bitcoin and Dogecoin, Warns Against Crypto Scams

Elon Musk Reaffirms Interest in Bitcoin and Dogecoin, Warns Against Crypto Scams

Tesla CEO Elon Musk has expressed a positive outlook on Bitcoin, acknowledging its value and hinting that it will add value to other digital currencies, while also reiterating his fondness for Dogecoin.

Speaking at the X Takeover event, Musk said, “I think there’s some value in Bitcoin and maybe other cryptocurrencies,” but didn’t specify which cryptocurrencies he had in mind. He also expressed his love for Dogecoin, the meme-inspired cryptocurrency featuring a Shiba Inu dog. “I have a thing for Dogecoin because I just love 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 abuse of his image in crypto scams, he said, “I will not promote crypto—jokingly at most.” He also warned, “If you see me pumping crypto, that’s not me.”

The Tesla CEO’s image has been used in a variety of scams, from hacking his Twitter account to creating fake ads and deepfake videos, tricking unsuspecting victims into giving up significant amounts of cryptocurrency. At the X Takeover event, Musk warned users to be wary of scams and to “double-check if it’s real” when they come across crypto-related promotions.

Tesla, led by Musk, continues to hold a significant amount of Bitcoin. Analysts peg the company’s Bitcoin holdings at around $387 million and holdings of over 9,720 BTC in Q4 2023. This information from Bitcoin Treasuries highlights Tesla’s ongoing commitment to the cryptocurrency as part of its corporate treasury.

Musk’s stance on cryptocurrency has seen a number of changes. In 2021, he briefly announced that Tesla would accept Bitcoin as payment for its vehicles, a move that was quickly withdrawn. The company still maintains Bitcoin holdings, though. Musk has also been an outspoken advocate of Dogecoin, even suggesting that Tesla could eventually accept it as a form of payment.