Musk's 2018 Tweet Says He Wants to Hold ETH Even If It's a Scam
Elon Musk posted on X platform on August 29, 2018, stating, "At this point, I want ETH even if it is a scam." At that time, the price of Ethereum was around $290.
This tweet reflects Musk's early interest in ETH, as he publicly expressed his willingness to hold it despite the presence of numerous scams and uncertainties in the market.
Market mechanisms indicate that crypto investors buy into Musk's narrative-driven long positions while selling off short-term skepticism and volatility pressure; historical event-driven tweet reviews and the current ETH price environment show capital flowing into Ethereum and related Layer 2 ecosystems, benefiting from early supporters and institutional holders, while pressured by short-term speculators chasing high prices.
Source: Public Information
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Musk has discussed Bitcoin and Ethereum multiple times on the X platform around 2018, and this tweet continues his early exploration of crypto assets. At that time, ETH was in the aftermath of the ICO boom and bubble burst, and his humorous expression of wanting to hold it "even if it's a scam" reflects his optimism about its technological potential. Subsequently, Tesla briefly accepted DOGE and held BTC.
In terms of capital flow, Musk's public statements mobilize community and individual attention resources toward ETH, motivated by testing the impact of emerging asset narratives on the market. Strategically, this builds influence in the crypto ecosystem for his subsequent promotion of Dogecoin and projects like xAI, while providing early signals for personal/company asset allocation.
Similar to Musk's repeated "tweets move markets" events, this historical review highlights his interest in ETH near the 2018 low, resonating with the ongoing involvement of entities like xAI and Tesla in the crypto space.
Essentially, this represents capital concentration: founders leverage personal credibility to amplify asset attractiveness through public narratives, reducing market perception of uncertainty around emerging technologies, and shifting capital from traditional skepticism to long-term technological belief, accelerating Ethereum's evolution from an early experiment to mainstream infrastructure.
ABAB News · Cognitive Law
Public interest acts as market leverage; even pessimism is better than silence.
When low-point statements meet price cycles, early speakers gain narrative pricing power.
Founders' narratives encountering technological assets allow beliefs to transcend scam labels; those who position for the long term first reap compounded returns.