The tech boss was guest hosting the sketch show – a coveted role that has been filled by an array of celebrities since SNL’s inception in the 1970s.
Some people on social media, however, questioned his claim.
Mr Musk, who has more than 53 million followers on Twitter, also joked about his use of social media.
The billionaire also joked about his son’s unusual name – he and the singer Grimes announced the birth of their first child, X Æ A-12 Musk, last year.
With no intrinsic value like gold or land, and no ability to generate an income, cryptocurrencies are extremely volatile and can crash as fast as they rise.