Tesla and SpaceX CEO Elon Musk said he does not advise anyone to invest in cryptocurrencies such as Dogecoin (DOGE) and Bitcoin (BTC). Musk made these statements while talking about a court opened against him. Here are the details…
Elon Musk talks about cryptocurrency investment: I support Dogecoin (DOGE)
In light of the lawsuit filed against Elon Musk, the Tesla executive stated that he never asked anyone to invest in cryptocurrencies. The founder and CEO of the American electric car company announced this in a virtual interview at the Qatar Economic Forum, which continues today with Bloomberg News Editor-in-Chief John Micklethwait.
Although he does not advise anyone to invest in cryptocurrencies, according to Musk, he and his company hold some Bitcoin (BTC) and Dogecoin (DOGE), which he explains represents a small percentage of the company’s total cash reserves. He also confirmed once again that he personally supports Dogecoin. Musk used the following statements in the interview:
I never said that people should invest in crypto. Tesla, SpaceX and me; we all bought some Bitcoin. However, this is only a small percentage of our total cash assets. I also bought Dogecoin. Tesla accepts Dogecoin for commercial products and I personally intend to support Dogecoin.
Musk sued for promoting Dogecoin
As we reported as Kriptokoin.com, a US citizen filed a $258 billion lawsuit against Musk. He took Musk legal action for his role in promoting Dogecoin to the public. Several times, the popular tech boss has mentioned Dogecoin on Twitter, where he has a massive following of around 100 million users. Musk’s continued support for Dogecoin has contributed to the massive growth of the cryptocurrency, which peaked at $0.73 early last year.
However, the token’s value has dropped by over 90 percent since it peaked at $0.73. According to the data, DOGE is trading around $0.06 at the time of writing this line. Plaintiff Keith Johnson stated that Musk was instrumental in promoting Dogecoin to the public, a token he described as a “pyramid scheme” in the lawsuit. Johnson said he will represent global Dogecoin investors who have suffered significant losses while investing in the cryptocurrency.
Meanwhile, Johnson’s description of Dogecoin as a pyramid scheme caught the attention of DOGE co-creator Billy Marcus. In a Twitter post yesterday, Marcus wrote, “if people see DOGE as a pyramid scheme”; He said that the same title should be used to describe all financial instruments, including stocks, commodities, and the entire crypto market, among others.
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