Musk denies promoting crypto, supports DOGE

Musk stated that he has never pushed the purchase of cryptocurrencies, but continues to support Dogecoin as a favor to his employees.

During a video interview at the Qatar Economic Forum, Elon Musk stated that he has never advised anybody to invest in cryptocurrency.

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

The remark was made in response to a query concerning the present status of the market and whether or not investors should continue to invest at this time.

Year-to-date outflows have surpassed $1.315 trillion, with several cryptocurrencies down 90% from all-time highs. As Bitcoin fell to an 18-month low last week, the Dread and Greed Index touched 6, encapsulating the broad emotion (of great fear).

Denied advising individuals to invest in cryptocurrency.

Following his denial, Musk admitted that he and his firms did purchase Bitcoin. However, because it was a modest fraction of overall assets, the money spent was money they could afford to lose.

“In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets.”

He went on to claim that he had also purchased Dogecoin, and that Tesla takes DOGE for merchandise, and that "SpaceX would do the same."

Musk stated his enthusiasm for Dogecoin as a courtesy to "those who are not so affluent" who have urged him to promote the joke token. He mentioned Tesla and SpaceX manufacturing employees as examples of "not that affluent" folks.

“I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy that have encouraged me to buy and support Dogecoin. So I’m responding to those people.”

It's been more than a year since Musk appeared on Saturday Night Live (SNL) as a financial expert discussing cryptocurrencies. During the performance, he referred to Dogecoin as a "hustle."

DOGE dropped quickly and is now down 81 percent since that appearance.

Musk has been accused of masterminding the Dogecoin Ponzi scam.

Keith Johnson, a Dogecoin investor, has sued Musk in federal court in Manhattan.

Musk is being sued for $258 billion by the plaintiff for conducting a Dogecoin pyramid scheme. Johnson contends that the defendant manipulated the token price, causing retail losses.

Johnson is claiming $86 billion in damages for the decrease in token prices since his appearance on SNL, and he wants the amount quadrupled.

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