Elon Musk denies shilling crypto, reaffirms assist for DOGE

by Cryptospacey

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Elon Musk mentioned throughout a video interview on the Qatar Financial Discussion board that he by no means instructed individuals to put money into crypto.

“I’ve by no means mentioned that folks ought to put money into crypto.”

The remark got here in response to a query in regards to the present state of the market and whether or not individuals ought to proceed investing presently.

Yr-to-date outflows presently prime $1.315 trillion, with many altcoins down 90% from all-time highs. Final week, as Bitcoin sunk to an 18-month low, the Concern and Greed Index summed up the overall sentiment (of maximum worry) because it hit 6.

Denied telling individuals to put money into crypto

Following his denial, Musk mentioned he and his firms did purchase Bitcoin. However, as a small share of whole belongings, the money spent was cash they may afford to lose.

“Within the case of Tesla, SpaceX, myself, all of us did purchase some Bitcoin, but it surely’s a small share of our whole money belongings.”

He continued by saying he additionally purchased Dogecoin, including that Tesla accepts DOGE for merch, and “SpaceX will do the identical.”

Musk defined his ardour for Dogecoin as a favor to “people who find themselves not that rich” which have requested him to assist the meme token. He named these “not that rich” individuals like Tesla and SpaceX manufacturing unit staff.

“I intend to personally assist Dogecoin as a result of I simply know lots of people who will not be that rich which have inspired me to purchase and assist Dogecoin. So I’m responding to these individuals.”

It’s been over a 12 months since Musk appeared on a Saturday Evening Dwell (SNL), during which he performed the a part of a monetary skilled explaining cryptocurrencies. In the course of the skit, he mentioned Dogecoin is a “hustle.”

DOGE plummeted instantly after and is presently down 81% since that look.

Musk accused of masterminding Dogecoin Ponzi scheme

A Dogecoin investor Keith Johnson lately filed a lawsuit towards Musk in a federal courtroom in Manhattan.

The plaintiff is suing Musk for $258 billion on the grounds of working a Dogecoin pyramid scheme. Johnson claims the defendant manipulated the token worth, resulting in retail losses.

Johnson is in search of $86 billion for damages as a result of token worth decline because the SNL look and needs the sum to be tripled.

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