Musk’s father praises crypto and reveals his sons’ Bitcoin holdings
Errol Musk, the father of Tesla and SpaceX founder Elon Musk, said the traditional financial system has run its course and that the future of money management will be tied to cryptocurrencies. He also revealed that his sons hold significant Bitcoin reserves.
As reported by BeInCrypto, Musk Sr. noted that international bank transfers often turn into a slow and complicated process, whereas crypto allows funds to be sent almost instantly. He gave an example, saying that transferring money from the U.S. to South Africa through a bank is “practically impossible,” while doing so via contacts in the crypto industry can be done without issues.
Errol Musk added that he personally knows Binance founder Changpeng Zhao and the founder of Bybit, and has already received crypto payments outside the traditional banking system. At the same time, he admitted that he does not own any digital assets himself. According to him, he remains “old-fashioned,” uses a regular bank card, and does not consider himself an expert, although he finds crypto very interesting.
Elon Musk and his brother’s Bitcoin
Errol Musk also shared details about his family’s crypto investments. According to him, Elon Musk and his brother Kimbal together hold 23,400 BTC. If accurate, this would represent a significant amount. According to the latest data from BitcoinTreasuries, Tesla holds 11,509 BTC, ranking 12th among the largest public corporate holders. SpaceX, meanwhile, holds another 8,285 BTC.
In addition to Bitcoin, the Musk family has also dealt with other tokens. Errol said they once received a large payment in Solana. He noted that it felt unusual at the time, but the token was worth more then, and they managed to exit at the peak.
Musk’s influence on the crypto market
Elon Musk has long had a noticeable impact on the crypto market, especially in the memecoin segment. His posts on X have repeatedly triggered sharp price movements — particularly for Dogecoin, which he has publicly supported multiple times. At certain points, a single tweet was enough to push the token up by tens of percent within hours.
However, over time, the market has become less sensitive to such signals. Investors now tend to view these statements as short-term noise rather than a fundamental factor. As institutional participation has grown and more mature investment tools have emerged, the influence of individual public figures — including Musk — has gradually declined, especially outside niche and highly speculative assets.
Earlier in 2025, it was reported that Musk’s lawyer, Alex Spiro, would lead a new public company planning to raise $200 million to build a Dogecoin treasury.
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