As the mastermind behind Tesla and SpaceX, Elon Musk is not only a genius entrepreneur but also a powerful figure affecting the global cryptocurrency market – sometimes just with a single tweet. Amidst sarcasm, curiosity, and warnings, Musk makes the whole world question: Is he merely a vigilant observer or a player helping shape the crypto ecosystem he himself is wary of?

Musk's Warning Amidst a Booming Market

In October 2021, amid a strong speculative wave around Shiba Inu (SHIB), Elon Musk publicly denied owning this coin. When a user on social media X (formerly Twitter) asked if he was investing in SHIB, Musk replied emphatically: “No.”

In response to the growing curiosity of the community regarding his cryptocurrency portfolio, Musk quickly clarified: “Out of curiosity, I bought Bitcoin, Ethereum, and Dogecoin. That's it.” At the same time, he also reiterated the principle of caution that he has shared many times before:

“As I said, don’t bet all your personal assets on crypto! The real value lies in creating products and providing services to others, not in money in any form.”

This message was delivered just a few days before SHIB reached its historical peak – making Musk's warning even more convincing. Amidst the market frenzy, Musk takes on the role of an educator, emphasizing the dangers of speculative trends without a clear understanding of the risks.

Both Warning and Contributing to Shaping the Market

Despite frequently giving cautious advice, the reality shows that Musk is not completely outside the crypto game. On Joe Rogan's podcast in early 2024, he reaffirmed:

“You will not win with memecoins. Don’t pour your savings into memecoins.”

However, while his words are cautionary, Musk's actions demonstrate active participation. He has publicly supported Dogecoin multiple times, including through subtle hints in the projects he leads. A prime example is the government project codenamed "DOGE" – clearly not a coincidence.

Additionally, Musk has also suggested that the new political movement he founded – the “America Party” – will have a positive view on Bitcoin. Tesla, his company, still holds over 1 billion USD worth of Bitcoin, according to data from Arkham Intelligence.

Dual Strategy: Personal Warning, Strategic Action

It can be seen that Elon Musk is applying a dual strategy:

  • For retail investors, he plays the role of a warning voice, urging caution and not to chase speculative trends.

  • But at the corporate and systemic level, he still actively bets on selective crypto assets, particularly Bitcoin and Dogecoin.

He is not just a curious market observer – he is a key player driving the acceptance, legitimization, and spread of cryptocurrency to a wider community.

Conclusion: Elon Musk – The Game Shaper Despite Reluctance

Even while continuously denying the role of an “active investor” in crypto, Elon Musk behaves like one of the most influential figures in the market. Every statement, every move he makes can shake the value of many digital assets.

Musk is the embodiment of a modern paradox: a person who always advises others to be cautious, yet holds the steering wheel directing the flow of global technology and finance. And perhaps, it is this contradiction that creates his unique influence in the cryptocurrency era.