Scan to Download Gate App
qrCode
More Download Options
Don't remind me again today

The Elon Effect: What's Actually in His Crypto Wallet?

robot
Abstract generation in progress

Elon Musk keeps claiming he only holds three coins, but his tweets move the market like he’s running a hedge fund. Let’s break down what he actually owns and why it matters.

The Holy Trinity: BTC, ETH, DOGE

At B Word conference (June 2021), Musk finally came clean: Bitcoin, Ethereum, and Dogecoin. That’s it. Not Shiba Inu (despite all those puppy pics), not obscure altcoins—just these three.

Here’s the kicker: he holds more Bitcoin than the other two combined. Tesla even bought $1.5 billion worth in 2021, though they later paused Bitcoin payments over environmental concerns. Classic Musk move—pump and then flip.

Bitcoin: The Love-Hate Saga

Musk’s Bitcoin journey reads like a Netflix drama:

  • Feb 2021: Tesla buys $1.5B in BTC → market moons
  • May 2021: He suddenly tweets “Indeed” in response to speculation about dumping → Bitcoin crashes
  • Next day: “Actually we’re not selling” → confused investors everywhere

The real issue? Bitcoin’s carbon footprint rivals entire countries (Uzbekistan-level consumption). Musk cares about climate, so he’s conflicted. But he’s not dumping. He just wants Bitcoin to go green.

Dogecoin: The Meme That Became Real

This is where it gets wild. Musk invested in Doge because his SpaceX and Tesla employees owned it. Not hedge fund managers, not Wall Street analysts—regular engineers and workers.

He even went on SNL and called himself the “Dogefather,” then called it a “hustle” on live TV (price tanked). But later he said Doge is better than Bitcoin for daily transactions. Tesla even started accepting it for merchandise.

One tweet from him = 23% pump. The market literally treats him like a central bank.

Ethereum: The Plot Twist

In 2019, Musk tweeted just one word: “Ethereum.” That’s it. Sparked a whole conversation with Vitalik Buterin. Then he said he didn’t own it and wasn’t building on it.

But then at B Word he revealed—surprise!—he owns ETH. No one knows how much. Classic move: drop a bombshell after the mystery builds up.

The Real Talk

Here’s what matters: don’t FOMO into coins because Elon tweeted about them. His portfolio moves markets, but your risk tolerance isn’t his.

The SEC warned this back in 2017. Just because a billionaire owns something doesn’t mean you should. Do your own research, understand the tokenomics, check the fundamentals.

Musk’s crypto holdings are interesting as case study—not as investment advice.

BTC2.66%
ETH1.25%
DOGE2.45%
SHIB1.7%
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)