Elon Musk Denies Telling People To Invest In Cryptocurrency

Tesla CEO and Dogecoin enthusiast Elon Musk said on Tuesday that he “never said people should invest in crypto”.[currency]“As retail investors feel the brunt of the decline in the digital token market.

Despite buying and touting Dogecoin, Musk told the Qatar Economic Forum on Tuesday that he made a distinction between publicly supporting the digital coin and urging others to invest.

“In the case of Tesla, SpaceX, we’ve all bought some bitcoin, but it’s a small percentage of our total cash assets,” Musk told Bloomberg News on Tuesday.

Musk said he also bought Dogecoin, which can also be used to buy Tesla merchandise. The billionaire has repeatedly spoken of investing in cryptocurrencies in recent years. In March, he announced that he would “not sell” his holdings in Bitcoin, Ethereum, and Dogecoin despite rising inflation and economic uncertainty, which has led many investors to sell risky claims.

The world’s richest man doubled and tripled his support for Dogecoin – the meme cryptocurrency rising more than 12% on Tuesday.

“I just know a lot of people who are not that rich who have encouraged me to buy and support Dogecoin,” Musk told Bloomberg News on Tuesday.

“I am answering those people.”

As of 10:00 AM on Tuesday, the price of one unit of Dogecoin was trading at $0.067 – up 12.77%. However, it is still down more than 90% since reaching its all-time high of $0.74 in May 2021.

This is the second time in three days that Musk has reiterated his support for Dogecoin, which was created as a joke in 2013.

“I will continue to support Dogecoin,” Musk tweeted on Sunday.

When a Twitter user responded by saying “keep buying it” to show his support for Musk, the billionaire replied, “I am.”

Musk has emerged as a major proponent of Bitcoin, Dogecoin, and other cryptocurrencies in recent months, despite volatile trading trends.

Dogecoin’s value regularly rises when Musk speaks publicly about his interest. Last year, the price soared ahead of Musk’s appearance as a guest host on “Saturday Night Live,” reaching its all-time high before quickly dipping after the episode aired.

The cryptocurrency market has been in a downtrend in recent weeks. Bitcoin was trading north of $21,600 as of 10:45 a.m. on Tuesday – down more than 60% since hitting an all-time high of nearly $70,000 in November.

The collapse of crypto markets has raised questions about whether proponents of digital coins were irresponsible in promoting retail investors.

On Monday, The Post reported that cryptocurrency companies that spent heavily on sports sponsorships last year are pulling back this year to cut costs.

Crypto exchange FTX — which paid $135 million to rename the Miami Heat home in March 2021 — has pulled out of talks in recent weeks to provide a jersey patch to MLB’s Los Angeles Angels as the crypto market tanked. It was, sources with direct knowledge told the Post.

Another patch deal between the NBA’s Washington Wizards and a crypto company also fell through recently, sources said.