You Won’t Believe Elon Musk’s Reason For Supporting Dogecoin
Nothing will stop Tesla/SpaceX CEO Elon Musk from publicly voicing his support for meme king Dogecoin (DOGE).
Speaking to Bloomberg at this year’s Qatar Economic Forum in Doha, Musk reiterated that he will continue 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.”
The eccentric centibillionaire has been the most high-profile cheerleader of Dogecoin since early 2019 when he declared that the meme coin was his “fav cryptocurrency”. Throughout 2020 and 2021, DOGE gained significant bullish momentum every time Musk tweeted about it.
And in his recent $44 billion Twitter acquisition deal, the business magnate has promised that one of the features he will enforce is Dogecoin tipping (Twitter presently only supports tipping with bitcoin and Ethereum) and the acceptance of the canine-themed token as payment for Twitter Blue.
In the interview, Musk argued that it was actually his own employees who requested him to endorse dogecoin or as he astutely puts it: “just people when I walk around the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I’m doing so.”
Musk: “I Never Said That People Should Invest in Crypto”
Musk has previously affirmed that Tesla and SpaceX would accept dogecoin payments for merch. However, he clarified at the Qatar Economic Forum that he has “never said that people should invest in crypto,” adding that “SpaceX and Tesla and myself did all buy some Bitcoin, but it’s a small percentage of our total cash assets, so not all that significant.”
The world’s richest man and his companies are currently facing a lawsuit for an alleged dogecoin Ponzi scheme. Besides the $258 billion in total monetary damages, the suer is also demanding the court rule DOGE trading as gambling in the United States.
Dogecoin rose as much as 20% on Sunday after Musk tweeted that he’s still buying it. Despite Musk’s incessant support, however, DOGE remains vulnerable to speculation and has encountered vicious drawdowns in the past. At the current $0.066764 price, the token is still 91% short of its all-time high registered in May 2021.