Bitrabo Editorial
Elon Musk, a prominent supporter of Dogecoin (DOGE) and also the CEO of Tesla, recently disclosed his lack of enthusiasm towards Bitcoin and certain other cryptocurrencies. This revelation might surprise many, given Musk’s past vocal endorsement of the popular meme coin, Dogecoin.
Musk’s Stance on Bitcoin and Other Cryptos
Speaking on the X takeover podcast hosted by Tesla Owners Silicon Valley, Musk clarified that he is not keen on promoting cryptocurrencies and, at most, might mention them in a jesting manner. He explicitly stated that any promotion of crypto attributed to him is not genuine. While acknowledging some “merit” in Bitcoin and “some other cryptos,” Musk highlighted his soft spot for Dogecoin, citing his fondness for dogs and memes.
Notably, Musk’s recent inclusion of laser eyes in his X (formerly Twitter) profile picture stirred speculation within the crypto community. Many believed this to signal his bullish stance on Bitcoin, especially given his association with Donald Trump, who has also shown bullish sentiments towards BTC.
Despite these assumptions, Musk’s latest remarks reaffirm his preference for Dogecoin over Bitcoin and other cryptocurrencies. Previously, in May, Musk denied engaging in crypto discussions with Trump but expressed support for initiatives that empower the people, which cryptocurrencies have the potential to achieve.
Musk’s Evolving Stance on Bitcoin
Musk’s stance on Bitcoin has been wavering, as seen when Tesla briefly accepted Bitcoin payments for car purchases in 2021 but later suspended this option due to environmental concerns. Musk emphasized the need for cleaner energy practices in Bitcoin mining and mentioned the company’s intent to resume Bitcoin transactions once a substantial proportion of clean energy is used in mining operations.
Although Tesla continues to hold a significant amount of Bitcoin, Musk confirmed they have no plans to divest their holdings. As per data from Bitcoin Treasuries, Tesla still possesses 9,720 BTC valued at $650 million.