Elon Musk’s New Favorite Cryptocurrency: Is It DOGE or BTC USD?

The Elon Musk crypto saga is coming to an end; the Tesla, X, and SpaceX founder is done shilling crypto except for two: Bitcoin BTC $107,308.93 0.51% Bitcoin BTC Price $107,308.93 0.51% /24h Volume in 24h $47.02B Price 7d Learn more and Dogecoin DOGE $0.1740 2.29% Dogecoin DOGE Price $0.1740 2.29% /24h Volume in 24h $2.74B Price 7d Learn more

In a recent interview, Musk said, “I’m not going to be promoting crypto, at most, in a joking way…I do think there’s merit in Bitcoin. I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”

Elon Musk has some Weaknesses about Bitcoin, Because he only likes Dogecoin and only likes Dogs and Cats. If anyone is pumping money into crypto it's definitely not @elonmusk .

Maybe 𝕏 is a place for us to talk more about our normal lives and talk more about our favorite… pic.twitter.com/ZaaqTdUv6z

— AndyOS (@MyDogeVN) November 2, 2025

All of this comes as Musk is preparing to roll out X Chat, a fully encrypted messaging platform designed to rival WhatsApp and Telegram. The service, expected to launch in the coming months, will integrate directly into X while also existing as a standalone app for global users.

In a recent podcast appearance, Musk said the company has “rebuilt the entire messaging stack” and implemented a peer-to-peer encryption system inspired by Bitcoin’s architecture.

“It’s using a peer-to-peer-based encryption system, kind of similar to Bitcoin. It’s very good encryption; we’re testing it thoroughly,” Musk said.

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It’s Bitcoin, of course; although in recent months, close friends of Elon, such as Naval Ravikant and Arthur Hayes, have been trying to persuade the billionaire to support Zcash, which they call private BTC, over the original cryptocurrency.

.@CryptoHayes: “I think that Zcash could achieve 10–20% of the value of Bitcoin quite quickly.

And so I bought a lot of it—not going to tell you how much—and I’m still buying it.

I think that this is probably going to be one of my better trades of the cycle.” pic.twitter.com/fmK0a8rFJ5

— Arjun Khemani (@arjunkhemani) November 3, 2025

Musk, however, in practice, is a full Bitcoin supporter, and X is set to use a model inspired by Bitcoin. According to Musk, X Chat’s design eliminates ad hooks entirely, creating a “clean, secure” communication environment.

Like Bitcoin, X Chat, and the possible payment implementation architecture will use peer-to-peer encrypted messages, not stored in corporate vaults.

WhatsApp commands 2.8 billion users, Telegram nearly a billion, so Musk’s X Chat is picking a fight with giants.

Musk says the new platform will support texting, file sharing, and audio/video calls, allowing users to communicate both within and outside X’s social layer. The system aims to replace Twitter’s old DM stack with what Musk calls “the least insecure” messaging app on the market.

“Our goal is to create a fully encrypted system where you can text, send files, and do audio or video calls,” he said.

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Musk’s Crypto Connection: What’s Next For X?

Though Musk downplayed his direct involvement with cryptocurrencies recently: “If you see me pumping crypto, it’s not me,” he said in a livestream,  his admiration for Bitcoin’s encryption and Dogecoin’s playful ethos clearly influences him and X.

We’ll keep tabs if Musk takes direct steps to implement Bitcoin.

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