Elon Musk shakes markets, flips narratives, and makes headlines. But if you think he’s the savior of crypto, you’ve missed the memo.
While his words can send prices soaring, Musk is not endorsing cryptocurrencies the way many think he is. He made it clearer recently that he’s not standing behind any crypto asset, despite what his army of Dogecoin fans might believe.
At a Trump rally just a week ago, Musk referred to cryptocurrencies as “interesting and probably valuable.” And the timing? Bitcoin was already climbing toward $70,000. Musk’s comment barely pushed it higher.
His casual mention of “D.O.G.E.” did what it always does—triggered a 25% spike in Dogecoin. Yet, even with these price moves, Musk didn’t put his money on the table. He’s always kept his distance from personally investing in crypto.
Musk’s love-hate history with crypto
Musk has always been unpredictable when it comes to crypto. Remember when he was really into Dogecoin? He consistently joked about sending it to the moon.
And while the meme coin surged every time he joked, it’s all fun and games for Musk. Don’t expect any serious backing. His issue with Bitcoin has always been about energy.
The man who wants to save the planet doesn’t like Bitcoin’s environmental impact. He said it before — Dogecoin could be better because it doesn’t burn as much energy.
Despite all this, Musk’s casual tweets and off-the-cuff remarks have a real impact. Whether he mentions crypto at rallies or during Tesla events, markets react.
Right now, the total market cap is sitting at $2.39 trillion. That’s up from months of uncertainty and losses. Analysts are optimistic, expecting a rally through November and December.
Bitcoin is trading just shy of $70K, with institutional interest fueling the rise. Ethereum is holding steady around $2,750, while Dogecoin sits comfortably at $0.1444, still high from Musk’s rally comment.
Elon Musk offers to pay folks $1 million to vote for Trump
While stumping for the pro-crypto Donald Trump, Musk announced a $1 million per day giveaway to registered voters in battleground states. Sounds crazy, right? Well, it didn’t take long for legal experts to start raising red flags.
Musk’s exact words were: “We want to try to get over a million, maybe 2 million voters in the battleground states to sign the petition in support of the First and Second Amendment. We are going to be awarding $1 million randomly to people who have signed the petition, every day, from now until the election.”
The law is pretty clear on this. You can’t offer money in exchange for voting or registering to vote. Violation of this law could land someone in prison for up to five years.
Musk’s Political Action Committee (PAC) had launched a website for the petition, which was only open to voters in Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin, and North Carolina.
Musk’s group quickly tweaked the language around the sweepstakes after the legal backlash, but the damage was done. The offer still raised questions, especially since the money giveaway was open to people who registered after the prize was announced.
