Elon Musk, CEO of Tesla and SpaceX, spoke about cryptocurrency during a recent appearance on the X Takeover podcast. Elon admitted he has little interest in promoting cryptocurrencies, including Bitcoin, despite seeing some value in them.
“I will not promote cryptocurrency. At most it was just a joke.”
Elon's comments especially caught the attention of Dogecoin fans, who know him as a strong supporter of the meme-based cryptocurrency. He say:
“I have a soft spot for Dogecoin because I like dogs and memes.”
Elon and cryptocurrency: A complicated relationship
Elon's relationship with Bitcoin is not simple. Back in 2021, Tesla announced a $1.5 billion investment in Bitcoin and even started accepting it as payment for vehicles.
This initially raised the reputation and price of Bitcoin. But Tesla later stopped paying Bitcoin, blaming environmental concerns over the energy-intensive process of mining the cryptocurrency, although the company still holds Bitcoin in its reserves.
Elon's comments about Bitcoin often cause market volatility, causing its value to increase or decrease. However, in the podcast, he seemed to downplay his influence, saying that if anyone saw him promoting cryptocurrency it wasn't him and was probably a joke.
Dogecoin has always been Elon's favorite. He calls it “the people’s cryptocurrency,” praising its humor and meme-centric nature.
Although he hasn't been actively posting about Dogecoin lately, his companies Tesla and SpaceX continue to accept it for goods.
He also plans to launch the DOGE-1 lunar mission. He repeatedly warns against making big bets on cryptocurrencies, advising people against investing their life savings in volatile assets.
Elon's words and tweets have a clear influence on cryptocurrency prices, especially for Dogecoin. His influence has attracted both fans and critics.
While some praised him for bringing attention to cryptocurrencies, others criticized him for causing market volatility.
There are also speculations about Elon potentially integrating cryptocurrency payments into Twitter. However, no specific plans have been announced.
