By The Daily Hodl - 1 year ago - Reading Time: 2 minutes
Elon Musk Reveals Why He Supports Dogecoin (DOGE), Says He Never Advised Investing in Crypto
Elon Musk says he continues to support Dogecoin (DOGE) despite the meme token’s crypto winter-induced 90% plummet from all-time highs.
In a new interview with Bloomberg News editor-in-chief John Micklethwait, the CEO of Tesla and SpaceX explains why he promotes DOGE.
“I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin, so I’m responding to those people, just people that walk around the factory at SpaceX or Tesla. They’ve asked me to support Dogecoin so I’m doing so.”
Musk is currently facing a $258 billion lawsuit alleging that the billionaire engaged in a pyramid scheme by inflating the price of Dogecoin. Despite the accusation, Musk told his 99.3 million Twitter followers he will continue to support and buy the dog-themed crypto asset.
He adds he never advised investing in crypto.
“I have never said that people should invest in crypto. SpaceX, Tesla, myself all did buy some Bitcoin but it’s a small percentage of our total cash and near-cash assets, so not all that significant.”
Musk also reaffirms his support for Dogecoin, saying SpaceX will soon accept the crypto asset.
“I also bought some Dogecoin and Tesla accepts Dogecoin for some merchandise and SpaceX will do the same…
I said I support Dogecoin and I’m doing that.”
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Original source: The Daily Hodl