Key Takeaways
- In an exclusive interview with BeInCrypto, Errol Musk stated that Elon and Kimbal Musk collectively possess 23,400 Bitcoin
- This cryptocurrency portfolio would be valued at approximately $1.7 billion based on Bitcoin’s current price of around $74,000
- Neither Elon nor Kimbal Musk has publicly verified these holdings
- Tesla maintains 11,509 BTC while SpaceX controls 8,285 BTC in their respective corporate reserves
- X platform introduces Cashtags feature and plans April launch for X Money payment service
In a revealing conversation with BeInCrypto, 79-year-old Errol Musk disclosed that his sons, Elon and Kimbal Musk, collectively possess 23,400 Bitcoin. With Bitcoin trading near $74,000 per coin, this alleged holding would represent approximately $1.7 billion in digital assets.
Neither Elon nor Kimbal has publicly acknowledged personal cryptocurrency holdings of this magnitude, and the revelation remains unverified by independent sources.
During the interview, Errol shared his broader perspective on cryptocurrency’s future role in global finance. He expressed confidence that digital currencies will eventually supplant conventional banking systems, pointing to the difficulties of international wire transfers between South Africa and the United States as evidence that “practically impossible” traditional methods will give way to instant crypto transactions.
Errol mentioned personal connections with prominent cryptocurrency industry figures, including Binance’s Changpeng Zhao and Bybit’s founder. While he has accepted cryptocurrency payments himself, he notably does not maintain any digital asset holdings personally.
Corporate Cryptocurrency Reserves
According to BitcoinTreasuries.net data, Tesla’s balance sheet currently includes 11,509 Bitcoin, representing approximately $850 million in value. SpaceX maintains a separate reserve of 8,285 Bitcoin, worth more than $620 million. These combined corporate holdings total roughly 19,794 Bitcoin.
The discrepancy between corporate reserves and the 23,400 Bitcoin figure Errol mentioned indicates he was likely referencing personal assets held independently from company balance sheets.
Errol additionally revealed that the Musk family previously received Solana tokens as payment and liquidated them at optimal pricing, though specific amounts and timing remain undisclosed.
While Elon has publicly expressed support for Bitcoin and Dogecoin on multiple occasions, he has never publicly disclosed precise ownership quantities of either cryptocurrency.
Kimbal Musk’s stance on digital assets has evolved considerably. In 2022, he publicly dismissed cryptocurrency as a “nonstarter” while highlighting environmental concerns. Paradoxically, that same year saw him establish the Big Green DAO on Ethereum’s blockchain platform to revolutionize philanthropic contributions.
Kimbal maintains board positions at both Tesla and SpaceX while leading The Kitchen Restaurant Group, the charitable organization Big Green, and aerial entertainment venture Nova Sky Stories.
X Money Platform Development and Cashtags Launch
This week, Elon Musk’s X platform introduced Cashtags functionality, enabling iOS users across the United States and Canada to access live stock and cryptocurrency price data directly within the application.
According to X product chief Nikita Bier, the platform “has always been the best source of financial news for traders and investors.”
X Money, the comprehensive payment infrastructure product, is scheduled to begin early public testing in April. The service will feature peer-to-peer money transfers, Visa-branded debit card access, 6% annual percentage yield through Cross River Bank partnership, and cashback incentives available across more than 40 states.
Polymarket prediction markets currently assign a 31% probability to X Money launching by April 30.
Senator Elizabeth Warren issued correspondence this week expressing concerns about potential consumer protection issues and financial stability risks associated with the upcoming payment platform.
Bitcoin currently trades around $74,000 per coin. Based on over $31 million in trading volume, Polymarket participants estimate a 36% likelihood of Bitcoin reaching $100,000 before year-end.
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