Elon Musk Denies Advising People to Invest in Cryptocurrencies

    Elon Musk, the CEO of Tesla (TSLA) and SpaceX, is the world’s richest person with an estimated net worth of $214 billion, also the alpha influencer in the crypto world. His tweets or comments often have a significant impact on the crypto market. For example, last year Elon Musk vowed to put “a literal Dogecoin” on “the literal moon”, which boosted the price of this memecoin by 35% just minutes later. Another time, he mentioned “Baby Doge” in one of his tweets. Soon after, the USD valuation of Baby Doge Coin skyrocketed by nearly 90%.

    However, in an interview with Bloomberg TV on Tuesday, the Tesla CEO denied advising people to invest in crypto: “Well I have never said that people should invest in crypto”. The billionaire admits SpaceX, Tesla and himself did buy some Bitcoin but this represents a small percentage of his total capital. About Dogecoin, Elon Musk said he will continue to support this memecoin: “I intend to personally support dogecoin because I just get a lot of people who are not that wealthy you know – who have encouraged me to buy and support those coins.”

    Elon Musk is currently facing a class-action lawsuit filed last week accusing Musk of promoting a pyramid scheme. Keith Johnson, who filed the lawsuit, insisted that Elon Musk pay more than $250 billion due to the damages caused. Musk did not comment on that, but said his support was because the DOGE community requested he does do. Despite the lawsuit, Dogecoin price is still up 12% over the past 24 hours and over 23% in the past week.

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