Elon Musk has explained that he supports Dogecoin because people on the street and his employees are asking him to do so.
Elon Musk has been one of the leading proponents of Dogecoin. In fact, the billionaire has been more vehement than the meme token's creator, David Markus, who has pointed out on more than one occasion that the cryptocurrency is nothing more than a mockery of cryptocurrencies.
His defense of DOGE is staunch and not even the lawsuits against him for advertising the cryptocurrency on his social networks seem to have made a dent in him. In fact, a few days after making the announcement public, $258.000 billion lawsuit against Musk, he appeared on Twitter to support the token again, with a brief: “I will continue to support Dogecoin".
Given this attitude, many are wondering: what is behind Musk's unconditional support for the meme coin?
Why does Elon Musk support Dogecoin?
In a recent interview with Bloomberg, conducted during the Qatar Economic Forum in Doha, Musk has reiterated that he will continue to “personally support the Dogecoin project, because I know a lot of people People who don't have money and who have encouraged me to buy Dogecoin and continue to support the network. So I'm showing my support to those people."
In the same interview, Musk explained that he did not support DOGE just because people asked him to, but that he also did so because His Tesla and SpaceX employees recommended it to him.
The eccentric billionaire has been continuously showing his support for Dogecoin since 2019. In fact, throughout 2021, the price of Dogecoin skyrocketed every time he posted a tweet in its favor.
Following the offer of Twitter buys $44.000 billion, the visionary tycoon promised that one of the features that would implement on the platform would be payments in Dogecoin, both for “TipJar” and for paying for premium accounts on Twitter Blue.
This is a feasible possibility, since Elon Musk has implemented functionalities to pay with DOGE for merchandising of the SpaceX and Tesla brands.
Elon Musk has never advised investing in Dogecoin
Despite his fervent support for the meme coin, at the Qatar Economic Forum, Musk has also made it clear that has never advised anyone to invest in Dogecoin“I have never told anyone to invest in crypto. SpaceX, Tesla and myself have bought some Bitcoin, but it is only a small percentage of our total treasury,” he explained.
Faced with the accusation of having encouraged a Ponzi scheme by publicly supporting Dogecoin on his social media, Musk simply responds that he has never given investment advice.
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