Tesla’s chief, Elon Musk, and his interest in crypto have been widely discussed. The tech mogul has time and again endorsed Dogecoin through his Twitter and even added the crypto as a payment method for Tesla and SpaceX. Amidst his support for the OG crypto meme and the gruesome bear market, Musk was hit with a lawsuit. The $258 billion lawsuit alleged that Musk as well as his companies inflated the price of Dogecoin.
As this lawsuit and Elon Musk’s support for Dogecoin persists, the Tesla CEO revealed that he never urged people to pour their funds into crypto. Appearing at the Qatar Economic Forum, Musk spoke about an array of things from Trump to Twitter. When asked about the depleting market and if people should still invest in the crypto-verse, he said,
“I have never said that people should invest in crypto. In the case of Tesla, SpaceX, and myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets.”
Here’s why Musk continues to support Dogecoin
Despite starting out as a mere joke, Dogecoin undoubtedly reached places. The meme crypto-asset caught the eye of Elon Musk and has managed to keep him as a constant supporter. Several in the market have repeatedly posed the question of why Musk has been such a vital backer of the asset.
Shedding light on the same, Musk said,
“A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin. I’m responding to those people.”
Dogecoin has been in the market longer than most cryptocurrencies. Even with celebrity endorsements, GenZ’s sudden interest, and Tesla’s addition Dogecoin failed to make it to $1. However, Musk’s support for Doge is likely to persist.
At press time, the asset was trading for $0.06134 with a 5 percent daily surge.