In a recent exclusive interview, Errol Musk, the father of tech moguls Elon and Kimbal Musk, disclosed that his two sons allegedly possess a staggering 23,400 Bitcoin. At current market prices hovering around $74,000 per coin, this Bitcoin cache could be valued at approximately $1.7 billion, positioning the Musk family as formidable players in the cryptocurrency space.
While Errol’s claims have sent ripples through the crypto community, they remain unverified by either Elon or Kimbal, both of whom have never publicly acknowledged personal Bitcoin holdings of this magnitude. The elder Musk’s remarks shed light on his personal views on cryptocurrency, suggesting a belief that digital assets will eventually displace traditional financial systems. He emphasizes that the inconvenience of cross-border banking, particularly between South Africa and the United States, makes cryptocurrencies an attractive alternative for seamless transactions.
Errol Musk mentioned that he has met with notable figures in the crypto industry, including Binance’s Changpeng Zhao and Bybit’s founder, as he expressed enthusiasm for digital currency. Interestingly, despite his sons’ substantial holdings, Errol himself does not own any crypto assets.
Corporate Bitcoin Holdings
On the corporate side, Tesla, the electric vehicle giant helmed by Elon Musk, reportedly holds 11,509 Bitcoin, valued at around $850 million, while SpaceX, the aerospace company founded by Musk, has another 8,285 Bitcoin worth over $620 million. This brings the total corporate holdings across both companies to approximately 19,794 Bitcoin. The major discrepancy from the 23,400 Bitcoin figure Errol mentioned indicates that he may be referring to personal holdings outside the corporate balance sheets.
In an intriguing revelation, Errol Musk recalled a moment when the Musk family received payments in Solana, which they sold at its peak, although he did not disclose specifics regarding the amounts or timeline.
Elon Musk has consistently shown support for cryptocurrencies, particularly Bitcoin and Dogecoin, yet he has refrained from confirming any specific quantities in his personal portfolio. Meanwhile, Kimbal Musk’s perspective on cryptocurrencies has evolved over time; he previously described them as a “nonstarter” in 2022 due to their environmental concerns, only to later launch the Big Green DAO on the Ethereum blockchain to modernize charitable giving.
X Money and Cashtags
In a related development, Elon Musk’s platform X, previously known as Twitter, has introduced a new feature called Cashtags, which allows U.S. and Canadian iOS users to access real-time charts for stocks and cryptocurrencies directly within the app. X’s head of product, Nikita Bier, remarked that the platform has always been a vital source of financial news for traders and investors.
Moreover, X Money, a comprehensive payments product, is on track for early public access in April. This innovative service promises peer-to-peer transfers, a Visa debit card, a competitive 6% APY through Cross River Bank, and cashback benefits across more than 40 states. As excitement builds, prediction market Polymarket assigns a 31% probability to X Money launching by April 30.
However, regulatory scrutiny looms, as U.S. Senator Elizabeth Warren issued a warning letter regarding potential consumer and financial stability risks associated with the new product.
Currently, Bitcoin trades at about $74,000, with Polymarket investors estimating a 36% chance it could surpass $100,000 by the end of the year, backed by over $31 million in market activity.
