Elon Musk Denies Advising People to Invest in Crypto

Elon Musk Denies Advising People to Invest in Crypto

Elon Musk, Tesla’s business magnate and CEO, said he never urged individuals to allocate their wealth into cryptocurrencies. He reminded that he is personally invested in Bitcoin, but this is only a fraction of his total capital.

Musk’s Influence on Cryptocurrencies

Elon Musk, the richest man in the world, has repeatedly expressed his views on the cryptocurrency industry, and it is safe to say that his remarks often influence the market. Last year, for example, the entrepreneur vowed to put “real Dogecoin” on the “real moon,” which sent memecoin’s price up 35 percent in minutes.

Another time, he mentioned “Baby Doge” in a tweet. Soon after, Baby Doge Coin’s dollar valuation soared by nearly 90%.

However, in a recent interview with Bloomberg, Musk stated that he is not pushing people to join the cryptocurrency ecosystem:


“I never said people should invest in cryptocurrencies.”

Last summer, the billionaire admitted to holding bitcoin, ethereum and dogecoin. In one of his most recent appearances, he reminded that BTC was involved in his portfolio, but it was only a fraction of his total wealth:

“As far as Tesla, SpaceX and myself are concerned, we all do buy some bitcoin, but it’s only a fraction of our total cash holdings.”

He then spent his two cents on his favorite digital asset, Dogecoin, and said he supported the coin. A few months ago, Tesla’s boss argued that, despite being created as a “stupid joke,” it was better for payments than bitcoin. Instead, he blasted BTC’s low transaction volume, arguing that “at its base level,” it qualifies as a store of value.

Elon Musk, Source: CNN

$258 billion lawsuit

Last week, Dogecoin investor Keith Johnson accused Elon Musk and his companies (SpaceX and Tesla) of buying, developing and promoting DOGE to the wider society and brought legal action against him. Johnson described Musk’s actions as a “crypto pyramid scheme” and insisted he paid more than $250 billion for the damage caused.

A few days later, the entrepreneur (known as the father of the governor) announced that he would continue to support memecoin despite the lawsuit. As usual, the coin surged 11% in the minutes following the announcement, climbing to nearly $0.06.

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