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Market Musings

Elon Musk Speaks Out on Bitcoin — and Reveals Why He Tweets about Dogecoin

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Published on:
February 1, 2021

"Occasionally I make jokes about Dogecoin, but they are really meant to be jokes," the Tesla CEO says.

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Elon Musk has confirmed that he is a supporter of Bitcoin… but admitted that he’s rather late to the party.

 

The Tesla CEO said he believes BTC is on the brink of achieving “broad acceptance” in conventional finance circles.

 

Musk also expressed regret that he didn’t buy crypto years ago — with many of his friends trying (and failing) to convince him. He even ate a slice of Bitcoin cake in 2013, he revealed in a discussion on the Clubhouse app.

 

The eccentric entrepreneur said that he doesn’t have a strong opinion on other cryptocurrencies... although it’s clear that he’s got a special place in his heart for Dogecoin.

 

He said it would be entertaining if DOGE became “the currency of Earth in the future,” adding:

“Occasionally I make jokes about Dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony.”

Musk appeared to be making an effort to restrain himself in his comments during last night’s wide-ranging talk — acknowledging that he has the power to move markets.

 

Indeed, Musk’s decision to slip #bitcoin into his Twitter bio last Friday helped lead to a dramatic surge in BTC’s price, with the coin leaping by thousands of dollars in a matter of minutes.

 

Although the crypto markets seemed fairly muted by Musk’s latest remarks, DOGE’s tail was wagging once again on Monday. The meme coin is up 34% over the past 24 hours at the time of writing — and 358% over the week — but the price of $0.04 is a long way off the highs of $0.07797 set on Jan. 29.

 

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