Here are five cryptocurrencies that Elon Musk, the tech billionaire and CEO of Tesla and SpaceX, reportedly holds. Known for his influence on the crypto market and nicknamed "The Dogefather," Musk's involvement with digital assets has significantly shaped public perception and market trends. Let’s explore his crypto portfolio and the reasons behind his choices.
1. Bitcoin (BTC)
Elon Musk publicly embraced Bitcoin in 2021 when Tesla announced a $1.5 billion investment in the cryptocurrency. Although Tesla later sold most of its Bitcoin holdings, Musk confirmed he personally still owns Bitcoin.
Why Bitcoin?
As the leading cryptocurrency, Bitcoin is often referred to as "digital gold." Musk views it as a store of value and a critical part of the crypto ecosystem.
2. Ethereum (ETH)
Ethereum is another cryptocurrency Musk owns, a fact he disclosed during "The ₿ Word" conference in 2021.
Why Ethereum?
With its smart contract functionality, Ethereum serves as the foundation for decentralized finance (DeFi), non-fungible tokens (NFTs), and various blockchain innovations. Musk sees Ethereum as a significant player in the industry.
3. Dogecoin (DOGE)
Dogecoin is Musk's favorite cryptocurrency. He has frequently referred to it as "the people’s crypto" and has promoted its use for payments at Tesla and SpaceX.
Why Dogecoin?
Musk admires its meme-inspired origins and believes in its potential as a practical medium of exchange due to its low transaction fees and growing community.
