The 49-year-old told viewers he was "the first person with Asperger's" to host the long-running programme - to loud cheers from the audience.
People with Asperger's interpret the environment around them differently to other people.
It is thought to be the first time Mr Musk has spoken about his condition.
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. These include Adele, Chris Rock, Ringo Starr, and Will Ferrell.
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Mr Musk described the currency as "an unstoppable vehicle that's going to take over the world" - but later said it was a "hustle" which prompted an almost immediate fall in value.
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. This makes them hard to value and makes their prices susceptible to tips from backers such as Mr Musk.
NBC, which airs SNL, said the episode was streamed live on YouTube to more than 100 countries.
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