Elon Musk on cryptocurrencies: fond of Dogecoin, unwilling to promote Bitcoin

Elon Musk, who has sparked widespread attention in the cryptocurrency space, has recently clarified his true stance on virtual currencies. According to a series of public statements in summer 2024, this tech entrepreneur expressed that while he recognizes the value of digital assets, he does not actively endorse them.

Personal Position: Virtual Currencies Have Advantages but No Endorsement

Musk emphasized during an event at the Tesla Silicon Valley Owners Club that he would not promote cryptocurrencies, stating, “It’s mostly just a joke.” He further clarified that if he appears to be praising virtual currency-related products in public, it should not be taken as his genuine intention. However, this does not mean Musk completely dismisses the field; he admits that Bitcoin and other cryptocurrencies do have certain advantages, but he personally prefers to keep his distance.

The Special Status of Dogecoin: Musk’s Personal Preference

Although Musk remains reserved about most virtual currencies, he has a particular fondness for Dogecoin (DOGE). He explained that this preference stems from personal interest—he likes dogs and meme culture, which makes him especially optimistic about this community-driven digital asset. This selective support contrasts with his cautious attitude toward the entire virtual currency market.

From Promotion to Reservation: The Interplay of Politics and Technology

It is worth noting that Musk reaffirmed his political stance in mid-2024. He has denied discussions with Republican figures about cryptocurrencies but stated his support for transferring power from governments to the people—an objective that virtual currency technology can indeed help achieve. Musk’s statements reflect his view of virtual currencies as tools for political philosophy rather than investment promotion.