| Speaking at the Wall Street Journal's CEO Council Summit in London, Tesla CEO Elon Musk
said he is not advising anyone to buy crypto or bet the farm on
Dogecoin (DOGE) despite his renowned commitment to the popular
cryptocurrency. Musk's warnings came amid increased criticism of the famous CEO's insistent support for Dogecoin. - During the interview, Musk also said Dogecoin is his favorite cryptocurrency because it has the best humor and dogs.
- Tesla's CEO
has a strong history with DOGE, including his attempts to promote the
token in his appearance on Saturday Night Live, purchase it for his son,
and accept the cryptocurrency as a payment method for several
commercial products and services of Tesla, SpaceX, and The Boring
Company.
- Most recently, he further briefly shifted the logo of Twitter, which he owns, to the DOGE symbol.
- Through
these moves and his Twitter posts, Musk caused the price of several
cryptocurrencies, including Bitcoin (BTC), Dogecoin (DOGE), and Shiba
Inu (SHIB), to skyrocket many times, especially in 2021.
- His
support even made the famous CEO a defendant with his companies in a
$258B Dogecoin lawsuit that accuses him of conducting a Ponzi scheme to
support the popular meme coin.
- The
lawsuit claims that Musk deliberately caused Dogecoin's price to jump
over 36,000% in two years before allowing it to plummet.
- Despite all the backlash, in 2022, Musk tweeted that he would continue supporting DOGE wherever possible.
- The
largest crypto exchange Binance's CEO, Changpeng Zhao (CZ), also
recently said he is very surprised that Dogecoin has not faded away yet,
crediting Musk for a significant role in extending the token's
lifetime.
|
