Tech mogul Elon Musk may be supportive of cryptocurrencies, but he has frequently cautioned against investing heavily in the asset class. One such instance happened back in October 2021.
What happened: Musk was questioned on Twitter, now X, if he owns any Shiba Inu (CRYPTO: SHIB) meme coin. He flatly denied it.
This was when the dog-themed cryptocurrency was on a parabolic run, and would go on to reach its all-time high a few days later.
However, Musk's response piqued curiosity, and supporters of other cryptocurrencies began asking him if he had any exposure.
Musk then clarified that he has investments only in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
"Out of curiosity, I acquired some ASCII hash strings called ‘Bitcoin, Ethereum & Doge.' That's it," he said.
"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."
See Also: Elon Musk Once Revealed How He Comes Up With ‘Crazy Ideas’ — And Gets Them Off The Ground Even When Funding Is Scarce
Interestingly, Musk reiterated the popular phrase in a Joe Rogan podcast earlier this year to warn against investments in memecoins.
"You're not gonna win at meme coins,” he had emphasized. “Don't sink your life savings into a meme coin.”
Despite the public declaration, details about Musk's personal cryptocurrency holdings remain sketchy to this day. He hasn’t spoken about personally holding cryptocurrencies in a long time.
He has been an avid supporter of DOGE, though, and the acronym for the Department of Government Efficiency, a government initiative that he briefly supervised, bore a reference to the memecoin.
As for Bitcoin, Musk said that his newly floated ‘America Party' will embrace the apex cryptocurrency.
Additionally, Tesla is estimated to hold over $1 billion in Bitcoin, according to on-chain analytics firm Arkham Intelligence.
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