Elon Musk has recently reaffirmed his interest in crypto currencies, particularly Bitcoin and Dogecoin. Despite his personal investments, Musk cautioned against crypto scams that misuse his image, stating, "I'm not going to be promoting crypto—at most, in a joking way." He emphasized the importance of vigilance, advising users to "double check whether that is real" when encountering crypto-related promotions. Tesla, under Musk's leadership, continues to hold a significant amount of Bitcoin, with holdings valued at approximately $387 million as of late 2023.

In a recent development, Musk's playful post on X, featuring himself with a chainsaw and the caption "The Dogefather," sparked a surge in Dogecoin-themed tokens. The Dogefather token experienced a 122% increase, reaching its highest price since January 2025. This event underscores Musk's continued influence on the crypto market, particularly meme coins like Dogecoin.