The man behind Tesla and SpaceX handles tweets like market levers, oscillating between sarcasm, fascination and warning. In October 2021, he urged not to “Betting your farm” On cryptos. However, he confesses to having acquired it, “Out of curiosity”Bitcoin, Ethereum and Dogecoin. Does such a paradox relaunch a central question: does Musk act as a simple lucid observer or as an actor fully committed to an ecosystem which he contributes, despite himself, to orient?
In short
- Elon Musk has long warned of excessive investments in cryptos, calling for caution.
- In 2021, he said he did not have Shiba Inu, but recognized having Bitcoin, Ethereum and Dogecoin, “out of curiosity”.
- Despite its warnings, Musk continues to publicly support certain cryptos, notably Dogecoin, with strong symbolic gestures.
- Musk's attitude questions: between displayed prudence and influence strategy, his role in the crypto world remains ambiguous and structuring.
Elon Musk: prudence displayed and warning message
In October 2021, at the height of speculation around Shiba Inu (Shib), Elon Musk, targeted by a chilling metaphor for the creator of Squid Game, was publicly arrested on the social network X (formerly Twitter) about a possible investment in this crypto.
He denies without detour: ” No “he said when asked if he has shibs. This answer intrigues the community, which then seeks to know the exact composition of its crypto portfolio. Musk immediately specifies: “Out of curiosity, I acquired Hash Ascii channels called Bitcoin, Ethereum & Doge. That's all “.
In this same exchange, Musk takes the opportunity to recall a precautionary principle that he has hammered for several years: “As I said before, don't bet the farm on the crypto!” The true value lies in the creation of products and the provision of services to your fellow men, not in money in any form “.
This message, out of step with the euphoria of the market at that time, aimed to recall the risks inherent in investments too enthusiastic in these assets.
What must be remembered from this 2021 declaration:
- He underlines that the true value lies in the services rendered to others, not in the currency;
- This declaration comes a few days before the historic summit of the shib, strengthening the scope of its warning.
Musk here adopts an educational posture. If he recognizes his curiosity towards certain major cryptos, he clearly advises against any excessive speculative approach. His message aims above all special investors attempted to follow trends without real understanding of risks.
An indirect, but structuring influence on the crypto ecosystem
If Musk is cautious in his words, that did not prevent him from playing an active, even structuring role, in the ecosystem. During a visit to Joe Rogan's podcast in early 2024, he pushed the nail: “You are not going to win with the same. Do not put your savings in a same “.
However, at the same time, his public gestures bear witness to a tangible commitment, in particular vis-à-vis Dogecoin. He supported this crypto several times, including via references coded in projects that he supervised, such as the government initiative “Doge”acronym that is not trivial.
Musk also suggested that his new political movement, the America Party, would be favorable to Bitcoin. In addition, Tesla continues to have more than a billion dollars in Bitcoin, according to Arkham Intelligence's data.
These facts suggest a strategic duality: while calling individuals to prudence, Musk remains an actor exposed to cryptos through his companies and public commitments. This is not a simple ” curious “but of a leading influencer in the adoption and legitimization of certain cryptos.
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