I really thought again that Elon Musk genuinely likes cryptocurrencies. This person is also getting Dogecoin used at Tesla and SpaceX, and he apparently holds quite a bit of Bitcoin as well.

It seems that Dogecoin is his favorite, and he said he “owns a herd of Dogecoin.” He likes the joking, meme-like vibe of meme coins. He’s also made it compatible with Tesla products, and there’s talk that in the future it might be used for vehicle payments.

And then there’s Bitcoin. I heard that Tesla holds about $778,000,000 worth, so he probably owns a decent amount himself. But Musk himself said, “I only have about 0.25 BTC,” so it seems the company and he personally are separate. He has also publicly acknowledged that he holds Ethereum, and just that remark caused the price to rise by 12%.

It’s interesting that he describes cryptocurrencies as a “hedge against centralization.” It might not just be speculation, but maybe there’s a philosophical background to it, too.