Bitcoin Insights from Elon Musk

Bitcoin (BTC) saw a +4.18% increase, but 2024 came without Elon Musk’s anticipated appearance at the conference. However, Musk discussed cryptocurrency during the X Takeover podcast hosted by Tesla Owners Silicon Valley.

In the hour-long discussion on technology, space, and sustainability, Musk provided his latest thoughts on Bitcoin:

“I’m not going to be promoting crypto — at most, in a joking way. If you see me pumping crypto, it’s not me. I do think there’s some merit in Bitcoin, and maybe some other cryptos, and I’ve sort of got a soft spot for Dogecoin (DOGE) because I like dogs and memes.”

Musk also clarified in May that he never discussed crypto with Republican candidate Donald Trump, despite being in favor of cryptocurrency as a means to shift power from government to individuals.

During the Bitcoin 2024 conference, Trump, the keynote speaker, promised that if elected, he would fire SEC chair Gary Gensler, halt U.S. bitcoin sales, and establish a strategic bitcoin reserve.

As one of the world’s richest individuals, Musk notably contributed to Dogecoin’s rise in 2021 via his tweets. In December 2023, he mentioned spending “hardly” any time on cryptocurrency thoughts.

Musk also mentioned the need for community notes to verify content faster on X to counter misleading posts, adding that followers should always verify the reality of his crypto-related statements.