Hey crypto enthusiasts! I’ve been getting tons of questions lately about Elon Musk’s relationship with Dogecoin. It’s no secret that the billionaire entrepreneur has had a massive influence on the crypto market with just his tweets. But does he actually put his money where his mouth is? Let’s dive into what we know about Musk’s crypto holdings with a special focus on his beloved DOGE.
The Short Answer: Yes, Musk Does Own Dogecoin
If you’re in a hurry and just want the quick answer – yes, Elon Musk definitely owns Dogecoin He confirmed this himself back in 2021 in a Twitter post where he mentioned owning three cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE)
But there’s so much more to the story! Let’s explore his relationship with these digital assets in more detail.
Elon’s Confirmed Crypto Holdings
In 2021 Musk made things clear by publicly confirming his personal crypto portfolio. In his typical playful style, he referred to his crypto assets as “ascii hash strings” – a techy joke suggesting that digital assets are nothing more than hashed sequences. Here’s what we know he owns
- Bitcoin (BTC) – Musk has owned BTC since at least 2018
- Ethereum (ETH) – Confirmed as part of his personal portfolio
- Dogecoin (DOGE) – His apparent favorite among the three
While Musk has confirmed owning these cryptocurrencies, he hasn’t disclosed exactly how much of each he personally holds. That’s typical of high-profile investors who don’t want to create market volatility based on their positions.
The Musk-Dogecoin Relationship: It’s Complicated
Out of all the cryptocurrencies, Musk has shown the most enthusiasm for Dogecoin. His support goes beyond just owning the token – he’s been its most vocal and influential champion.
Why Does Musk Like Dogecoin So Much?
During an appearance on the Lex Fridman Podcast, Musk explained his appreciation for Dogecoin:
- He enjoys the humor behind it (it was created as a joke, after all)
- He believes it has faster transaction speeds than Bitcoin
- He appreciates its lower fees compared to other cryptocurrencies
- He thinks its blockchain design makes it better suited for transactions than Bitcoin
How Musk’s Companies Support Dogecoin
It’s not just talk – Musk has integrated Dogecoin into his business empire:
- Tesla accepts DOGE as payment for merchandise
- The Boring Company allows customers to pay for rides with DOGE
- SpaceX announced the DOGE-1 satellite mission, which was 100% paid for in Dogecoin
- Musk previously headed the Department of Government Efficiency (DOGE) – the acronym likely a nod to his favorite crypto
This corporate adoption gives Dogecoin real-world utility that many other meme coins lack.
Beyond Dogecoin: Musk’s Other Crypto Connections
Musk and Bitcoin: It’s Been Rocky
Musk’s relationship with Bitcoin has been… well, kinda turbulent.
In 2018, he mentioned owning just 0.25 BTC that a friend sent him. But by 2021, things had escalated considerably when Tesla purchased $1.5 billion worth of Bitcoin and briefly accepted it as payment.
Just months later, Tesla stopped accepting BTC as payment, with Musk citing environmental concerns related to Bitcoin mining. The company also converted some of its Bitcoin to cash, supposedly to improve its cash position during COVID-19 uncertainties.
As of 2025, Tesla still owns more than $1 billion in Bitcoin, making it a significant corporate holder. SpaceX also holds substantial BTC reserves – more than $850 million worth.
In a political development, Musk announced in 2025 that his new political party, the America Party, will be pro-Bitcoin.
Musk and Ethereum: Recognition Without Enthusiasm
While Musk has confirmed owning Ethereum, he hasn’t been particularly enthusiastic about it. He’s criticized ETH for its slow transaction speeds and high fees.
Unlike with Dogecoin, we don’t see Musk promoting Ethereum or integrating it into his businesses in any significant way.
Beware of Fake Musk Coins!
An important warning: Musk does NOT have his own cryptocurrency. Many scammers have created tokens using his name and likeness to attract investors, but none are affiliated with him.
Some examples of Musk-adjacent tokens that he does NOT endorse include:
- Floki Inu (FLOKI) – Inspired by Musk’s pet Shiba Inu, but Musk has stated he doesn’t own any
- Various “Elon” tokens – None are created or endorsed by Musk
In fact, Musk has publicly stated that none of his companies will ever create a crypto token. So if you see one claiming to be official, it’s definitely a scam!
What About NFTs?
Musk doesn’t appear to be a fan of NFTs. During an appearance on the Joe Rogan Experience, he criticized NFTs because the images aren’t hosted directly on the blockchain, making them reliant on centralized entities.
After acquiring Twitter (now X), Musk discontinued the platform’s support for blockchain-verified NFT profile pictures.
Should You Follow Musk’s Crypto Strategy?
While it might be tempting to follow Musk’s lead and load up on Dogecoin, it’s important to understand a few things:
The Pros of Dogecoin According to Musk:
- Faster transaction speeds than Bitcoin
- Lower fees than many alternatives
- Growing acceptance at Musk-owned businesses
The Cons You Should Consider:
- DOGE has a highly inflationary supply (unlike Bitcoin’s capped supply)
- Limited real-world uses beyond Musk’s companies
- Value is still largely speculative and heavily influenced by Musk’s tweets
Musk’s Broader Crypto Influence
Beyond his personal holdings, Musk’s influence on cryptocurrency extends to policy. When he briefly led the Department of Government Efficiency (DOGE), there were reports that the organization was considering blockchain technology to:
- Track federal spending
- Secure data
- Manage buildings
While Musk has since departed from this role, the Trump Administration has continued to pursue crypto-friendly policies.
Frequently Asked Questions About Musk and Crypto
I get these questions all the time from my readers, so let me address them:
How much Bitcoin does Elon Musk personally own?
The exact amount is unknown. He mentioned owning 0.25 BTC in 2018, but has never disclosed his current personal holdings.
Does Tesla still hold Bitcoin?
Yes! As of the most recent financial reports, Tesla still holds more than $1 billion worth of Bitcoin.
Has Musk ever mined cryptocurrency himself?
There’s no public record or statement from Musk about personally mining Bitcoin, Ethereum, or any other cryptocurrency.
Is Dogecoin a good investment because Musk supports it?
That’s a complicated question. Musk’s influence has certainly helped DOGE’s price at times, but you should never invest based solely on celebrity endorsements. DOGE is still highly speculative and has an inflationary supply.
Will Musk create his own cryptocurrency in the future?
He has explicitly stated that none of his companies will ever create a crypto token, so it seems unlikely.
The Bottom Line: Musk Loves His DOGE
To wrap things up – yes, Elon Musk definitely owns Dogecoin along with Bitcoin and Ethereum. Of these three, he’s shown the most consistent enthusiasm for Dogecoin, integrating it into multiple companies and frequently praising it online.
While we don’t know exactly how much DOGE he holds, his public support has been a major factor in the cryptocurrency’s visibility and adoption. However, this doesn’t necessarily make Dogecoin a sound investment – that’s a decision you’ll need to make based on your own research and risk tolerance.
If you’re thinking about following Musk’s crypto strategy, remember that billionaires can afford to take risks that might not be appropriate for the average investor. And always be suspicious of any crypto project claiming Musk’s involvement unless he confirms it himself.
What do you think about Musk’s crypto choices? Have his tweets ever influenced your investing decisions? I’d love to hear your thoughts in the comments below!
