Elon Musk & Crypto: Silent Spectator or Market Manipulator? The Truth Behind His Moves in 2025

Elon Musk’s tweets used to send crypto markets into chaos—now he’s playing a subtler game. Or is he?

From pumping Dogecoin to ditching Bitcoin for Tesla’s balance sheet, Musk’s crypto influence is undeniable. But in 2025, his role looks more calculated—less meme, more chess.

The real question: Does he still hold the keys to the market’s mood, or have traders finally grown immune to his antics? (Spoiler: They haven’t.)

Meanwhile, Wall Street hedge funds still can’t decide if crypto is an asset class or a Musk-powered roulette wheel—so they’re hedging both ways, naturally.

In brief

• Elon Musk has long warned against excessive investment in cryptocurrencies, urging caution.
• In 2021, he stated he did not hold Shiba Inu but admitted to owning Bitcoin, Ethereum, and Dogecoin, “out of curiosity.”
• Despite his warnings, Musk continues to publicly support certain cryptos, notably Dogecoin, through strong symbolic gestures.
• Musk’s stance raises questions : between expressed caution and strategic influence, his role in the crypto world remains ambiguous yet influential.

Elon Musk : Displayed Caution and Warning Message

In October 2021, at the height of speculation around shiba inu (SHIB), Elon Musk, targeted by a chilling metaphor from the creator of Squid Game, was publicly questioned on the social network X (formerly Twitter) about a potential investment in this crypto.

He flatly denies: “No”, he states when asked if he holds SHIB. This response intrigues the community, which then seeks to know the exact composition of his crypto portfolio. Musk immediately clarifies: “out of curiosity, I acquired ASCII hash chains called bitcoin, ethereum & Doge. That’s all”.

Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.

As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.

In this same exchange, Musk takes the opportunity to recall a precautionary principle he has hammered for several years : “as I’ve said before, don’t bet the farm on crypto! The real value lies in creating products and providing services to your fellow humans, not in money in any form”.

This message, out of step with the market euphoria at that time, aimed to remind of the inherent risks of overly enthusiastic investments in these assets.

What to remember from this 2021 statement :

• He emphasizes that the real value lies in services provided to others, not in currency ;

• This statement came a few days before SHIB’s historic peak, reinforcing the weight of his warning.

Musk takes here an educational stance. While he admits his curiosity about some major cryptos, he clearly discourages any excessive speculative approach. His message is primarily aimed at individual investors tempted to follow trends without real understanding of the risks.

An Indirect but Structuring Influence on the Crypto Ecosystem

If Musk is cautious in his remarks, it has not prevented him from playing an active, even structuring, role in the ecosystem. During an appearance on Joe Rogan’s podcast in early 2024, he hammered the point home: “you are not going to win with memecoins. Don’t put your savings into a memecoin”.

Yet, at the same time, his public gestures show tangible engagement, notably towards Dogecoin. He has supported this crypto multiple times, including through coded references in projects he supervised, such as the governmental initiative “DOGE”, an acronym that is no coincidence.

Musk also hinted that his new political movement, the America Party, WOULD be favorable to bitcoin. Moreover, Tesla continues to hold over a billion dollars in bitcoin, according to Arkham Intelligence data.

These facts suggest a strategic duality: while calling on individuals to be cautious, Musk remains an actor exposed to cryptos through his companies and public commitments. He is not simply a “curious” bystander but a leading influencer in adoption and legitimization of certain cryptos.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.