The Musk Crypto Paradox: Why His Portfolio Tells a Different Story

Elon Musk says he’s a Bitcoin believer, but his actions? That’s another story. The dude owns just three cryptocurrencies—Bitcoin, Ethereum, and Dogecoin—yet somehow manages to move entire markets with a single tweet.

Here’s where it gets messy: In February 2021, Tesla dropped $1.5B on Bitcoin. Cool, right? Except three months later, Musk suddenly got “environmental concerns” and told the world Tesla would stop accepting Bitcoin payments. The backflip sent BTC tumbling. Then came the infamous Twitter reply “Indeed” when someone asked if he was dumping Bitcoin—investors panicked until he walked it back the next day.

The real tea? Musk himself admitted Bitcoin’s energy footprint rivals Uzbekistan’s entire carbon emissions. Yet he still holds it.

But here’s the twist: Musk actually thinks Dogecoin is better for daily transactions than Bitcoin. He’s been pumping the meme coin since day one—literally called himself the “Dogefather” on SNL, and the price spiked 23% from just that comment. His SpaceX and Tesla employees apparently own Doge, so… he bought in too. Because “dogs and memes are fun.”

As for Ethereum? One word tweet in 2019 (just “Ethereum”) sparked a whole conversation with Vitalik Buterin. Later he said he didn’t own it. Now he claims he does. Pick a lane, Elon.

Bottom line: Don’t chase Musk’s crypto moves. The SEC literally warned about this back in 2017. Do your own research—his tweets may move markets, but they won’t move your long-term gains.