March 27, 2024
Latest Cryptocurrency News

Elon Musk Breaks Silence on Crypto; Clears Stance on Dogecoin Investments

Tesla’s CEO and tech billionaire Elon Musk has maintained an element of mystery by staying silent about his stance on crypto assets for quite some months. Investors have interpreted Musk’s silence on crypto in different ways. Some see it as a sign of declining interest, while others believe it’s a strategic pause, indicating that he’s waiting for the right time to make a move. 

During the Wall Street Journal’s CEO Council Summit in London, Musk briefly discussed cryptocurrencies, focusing specifically on dogecoin. 

In a virtual conference, he stated, “I’m not advising anyone to buy crypto or bet the farm on dogecoin,” cautioning against investing life savings in the meme-inspired digital currency. 

However, he reiterated his fondness for dogecoin (DOGE) as his favorite cryptocurrency, citing its humor and the inclusion of dogs. Musk didn’t provide any further insights or opinions on other digital assets. 

Musk’s interactions with dogecoin enthusiasts have been quite notable, with a clear connection observed between the price of DOGE and his tweets as the founder of Tesla. From 2019 to 2022, Musk tweeted about the memecoin multiple times, often leading to temporary price increases. In June 2022, investor Keith Johnson filed a substantial $258 billion lawsuit against Musk, accusing him of involvement in a pyramid scheme aimed at manipulating DOGE’s price. 

Musk’s legal team responded by stating that “there is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.” 

Crypto enthusiasts were eager to know if Musk would integrate crypto into Twitter when he became CEO. While he hasn’t openly discussed any crypto-related plans, he temporarily changed the micro-blogging site’s logo in April to the iconic Shiba Inu image associated with the dogecoin meme. This unexpected move also caused a surge in DOGE’s price. 

According to data from Blockworks Research, DOGE was last traded around 7 cents on Wednesday and has experienced a decrease of over 9% in the past month. 

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