Elon Musk, the CEO of Tesla and SpaceX, spoke about cryptocurrencies during a recent appearance on the X Takeover podcast. Elon admitted he’s not all that keen on promoting cryptocurrencies, including Bitcoin, despite recognizing some merit in them.
“I’m not going to be promoting crypto. At most, in a joking way.”
Elon’s remarks particularly caught the attention of Dogecoin fans, who know him as a vocal supporter of the meme-based cryptocurrency. He said:
“I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”
Elon and crypto: A complicated relationship
Elon’s relationship with Bitcoin has been anything but straightforward. Back in 2021, Tesla announced a $1.5 billion investment in Bitcoin and even started accepting it as payment for vehicles.
This boosted Bitcoin’s credibility and price at first. But then Tesla later stopped Bitcoin payments, blaming environmental concerns over the energy-intensive process of crypto mining, though the company still holds Bitcoin in its reserves.
Elon’s remarks about Bitcoin have often moved the market, causing both surges and declines in its value. Yet, in the podcast, he seemed to downplay his influence, saying that if anyone sees him promoting crypto, it’s not him but likely a joke.
Dogecoin has always been Elon’s favorite. He has referred to it as “the people’s crypto,” applauding its humorous and meme-centric nature.
While he hasn’t been actively posting about Dogecoin recently, his companies Tesla and SpaceX have continued to accept it for merchandise.
He also plans to launch the moon mission DOGE-1. He has consistently warned against betting big on crypto, advising people not to invest their life savings into the volatile assets.
Elon’s words and tweets have a well-known effect on cryptocurrency prices, especially for Dogecoin. His influence has attracted both fans and critics.
While some praise him for bringing attention to cryptocurrencies, others criticize him for causing market volatility.
There have also been speculations about Elon potentially integrating cryptocurrency payments into Twitter. However, no concrete plans have been announced.
