Elon Musk Denies Urging People to Invest in Cryptocurrencies

Written by C, Fiona

Last updated: 2022-06-22

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Despite admitting that he is BTC HODLer, Musk said that he has never advised people to invest in cryptocurrencies.

Elon Musk, Tesla’s CEO, said he never urged individuals to distribute their wealth to crypto. He reminded that he had personally invested in bitcoin, but this accounted for only a small part of his total capital.

Elon Musk’s Influence

Elon Musk, the world’s richest man, has shown his ideas on the cryptocurrency industry for countless times. It can be said that his comments have often affected the market. For example, last year, the entrepreneur vowed to put the “literally Dogecoin” on the “literally moon”, which made memecoin’s price 35% removed in a few minutes.

On another case, he mentioned “Baby Doge” in one of his tweets. Soon after, the USD valuation of Baby Doge Coin soared by nearly 90%.

However, in a recent interview with Bloomberg, Musk said that he did not promote people to join the cryptocurrency ecosystem.

“I never said that people should invest in crypto.”

Last summer, he admitted to holding Bitcoin, Ethereum, and Dogecoin. In his latest appearance, he reminded that BTC accounted for a certain proportion of his portfolio, but only a small part of his total wealth.

“As far as Tesla, SpaceX and myself are concerned, we have indeed bought some bitcoin, but this accounts for a small proportion of our total cash assets.”

Later, he expressed his views on his favorite digital asset, Dogecoin, and said that he supported the currency. A few months ago, Tesla’s boss thought that although it was created as a “stupid joke”, it was more suitable for payment than bitcoin. On the contrary, he criticized the low trading volume of BTC, saying that “at its basic level,” it meets the requirements of value storage.

$258 Billion Litigation

Last week, Dogecoin investor Keith Johnson accused Elon Musk and his companies (SpaceX and Tesla) of buying, developing and promoting Doge to the general public, and filed a legal lawsuit against him. Johnson described Musk’s actions as a “Crypto Pyramid Scheme” and insisted that he pay more than $250billion for the losses caused.

A few days later, the entrepreneur (known as Doge’s father) announced that he would continue to be a memecoin advocator despite the lawsuit. As usual, the token soared 11% to nearly $0.06 within minutes of its announcement.