Key Takeaways
- The father of Elon and Kimbal Musk, Errol Musk, has stated that his sons collectively own 23,400 Bitcoin
- Based on current valuations of approximately $74,000 per Bitcoin, this holding represents about $1.7 billion
- Neither Elon nor Kimbal has publicly confirmed these figures or verified the claim
- Corporate holdings show Tesla with 11,509 BTC and SpaceX with 8,285 BTC on their balance sheets
- The social platform X is introducing Cashtags functionality while gearing up to debut X Money, its payment service
In an exclusive conversation with BeInCrypto, Errol Musk—the 79-year-old patriarch of the Musk family—disclosed that his sons Elon and Kimbal together possess 23,400 Bitcoin. With the cryptocurrency trading around $74,000, this alleged portfolio would be valued at approximately $1.7 billion.
Neither of the Musk brothers has verified this assertion, and there are no public records showing either has acknowledged personal Bitcoin ownership at this magnitude.
Errol shared these details while discussing his broader perspective on digital currencies. He expressed confidence that cryptocurrency will eventually supplant conventional financial systems, pointing to the difficulties of international banking. He noted that transferring money between South Africa and the United States through traditional banks is “practically impossible,” whereas cryptocurrency transactions complete almost instantaneously.
The elder Musk mentioned meeting prominent crypto figures including Binance’s Changpeng Zhao and Bybit’s founder, and confirmed he has received cryptocurrency as payment. Interestingly, despite his positive outlook on digital assets, Errol stated he doesn’t personally maintain any crypto holdings.
Bitcoin on Corporate Balance Sheets
According to data from BitcoinTreasuries.net, Tesla maintains a position of 11,509 Bitcoin, currently valued at approximately $850 million. SpaceX adds another 8,285 Bitcoin to the family’s corporate holdings, worth more than $620 million. These combined corporate treasuries account for roughly 19,794 Bitcoin.
The discrepancy between this corporate total and Errol’s cited figure of 23,400 Bitcoin implies he may be referencing personal wallets separate from company balance sheets.
Errol additionally mentioned that the Musk family once received Solana tokens as payment and successfully sold them at peak prices, though he didn’t provide specific details regarding the amount or precise timing.
While Elon has historically expressed public support for both Bitcoin and Dogecoin, he has never disclosed exact quantities of personal holdings in either cryptocurrency.
Kimbal Musk’s stance on digital currencies has evolved considerably. In 2022, he publicly labeled cryptocurrency a “nonstarter” and voiced concerns about its environmental footprint. Paradoxically, that same year saw him establish the Big Green DAO on Ethereum’s blockchain as a means to revolutionize philanthropic donations.
Kimbal maintains board positions at both Tesla and SpaceX. His entrepreneurial ventures include The Kitchen Restaurant Group, the charitable organization Big Green, and Nova Sky Stories, a drone entertainment venture.
X Money Platform and Cashtags Integration
In parallel developments, Elon Musk’s social media platform X introduced a Cashtags feature this week, providing U.S. and Canadian iOS users with access to live stock and cryptocurrency price data directly within the application.
According to X’s head of product Nikita Bier, the platform “has always been the best source of financial news for traders and investors.”
X Money, the company’s comprehensive payments solution, is projected to become available for early public testing in April. The service will offer peer-to-peer payment capabilities, a Visa-branded debit card, 6% annual percentage yield through Cross River Bank, and cashback incentives available in more than 40 U.S. states.
On the prediction market platform Polymarket, traders are assigning a 31% probability to X Money launching by April 30.
This week, Senator Elizabeth Warren issued a formal letter expressing concerns about potential consumer protection issues and financial stability risks associated with the upcoming product.
Bitcoin is presently trading in the vicinity of $74,000. Polymarket participants, based on more than $31 million in trading volume, are pricing in a 36% likelihood that Bitcoin will reach $100,000 before the end of the year.
