Dogecoin Proponent Elon Musk Reveals Why He Doesn’t Really Like Crypto

Dogecoin (DOGE) proponent and Tesla CEO Elon Musk recently revealed that he isn’t exactly fond of Bitcoin and some other cryptos. His comments might come as a surprise, considering how Musk has so far been vocal and supportive about the foremost meme coin, Dogecoin. 

What Musk Had To Say About Bitcoin And Other Cryptos

Musk mentioned during an appearance at the X takeover podcast hosted by Tesla Owners Silicon Valley that he won’t be promoting crypto, and at most, it could be in a “joking way.” He further said, “If you see me pumping crypto, it’s not me,” suggesting he has no affinity or support for cryptocurrencies. However, Musk admitted that there is some “merit”  in Bitcoin and “some other cryptos.”

Meanwhile, the Tesla CEO also addressed his fondness for Dogecoin, stating that he sort of has a “soft spot” for the foremost meme coin because he likes “dogs and memes.” Musk had previously revealed that he holds DOGE and has expressed his support for the meme coin at different times. Earlier in March, he revealed that Tesla will enable Dogecoin payments “at some point.”

Meanwhile, it is worth mentioning that Musk recently caught the crypto community’s attention when he updated his X (formerly Twitter) profile picture to one of him with laser eyes. This meme is usually considered a bullish stance on Bitcoin. Many in the crypto community, including Dennis Porter, speculated that Musk’s move meant that the Tesla CEO was now bullish on Bitcoin, especially considering his ties with Donald Trump, who has also become bullish on BTC. 

However, Musk’s recent statement suggests that he is still far from being a firm believer in Bitcoin or any other crypto besides Dogecoin. Earlier in May, Musk had also refuted rumors that he had discussed crypto with Trump, although he admitted that he favors “things that shift power from [the] government to the people, which crypto can do.”

Musk’s Relationship With Bitcoin Is “Neither Here Nor There”

Musk had previously stated in 2020 that he is “neither here nor there” on Bitcoin, and it still appears this way four years on. Interestingly, in 2021, Tesla began accepting Bitcoin payments for car purchases but quickly made a U-turn three months later. Musk revealed that the car company would no longer accept BTC payments due to energy concerns. 

Musk also mentioned back then that they would resume allowing Bitcoin transactions once it is confirmed that miners there are over 50% of clean energy being used for Bitcoin mining operations, although that has yet to happen. Meanwhile, the Tesla CEO confirmed they had no plans to offload all their Bitcoin holdings. Data from Bitcoin Treasuries shows that Tesla still holds 9,720 BTC ($650 million).

Featured image created with Dall.E, chart from Tradingview.com