Elon Musk Reveals Soft Spot for Dogecoin, Acknowledges Bitcoin’s Merits
Release: 2024/07/30 08:24 Reading: 333
Elon Musk's Cryptocurrency Views
Elon Musk, in a recent appearance on the X Takeover podcast hosted by Tesla Owners Silicon Valley, shared his thoughts on Bitcoin and other cryptocurrencies.
While acknowledging the potential merits of Bitcoin and certain cryptocurrencies, Musk emphasized that he has no intention of actively promoting them. Despite his humorous support for Dogecoin, driven by his fondness for dogs and memes, he clarified that any promotion on his part would be purely jestful.
Musk also cautioned against deepfake videos that may portray him endorsing cryptocurrencies, describing them as likely fabrications.
Collin Brown, in a tweet, aptly summarized Musk's sentiments: Musk recognizes the potential of Bitcoin and other cryptos, particularly has an affinity for Dogecoin due to his love for dogs and memes, but has no serious intent to promote any cryptocurrency beyond a lighthearted manner.
Dogecoin Army's Reaction to Musk's Comments
Various key Dogecoin army accounts interpreted Musk's comments as humorous support for DOGE, sharing his quotes and memes from the "Lion King" animated movie in their tweets.
Tesla Owners Silicon Valley expressed their appreciation for Musk's participation in the podcast, highlighting his passion for innovation and dedication to his communities at Tesla and SpaceX.
Sir Doge of the Coin also tweeted Musk's statement:
"[I'm] not going to be promoting crypto—at most, in a joking way. If you see me pumping crypto, it's not me."
"I do think there's merit in Bitcoin and maybe some other cryptos, and I've sort of got a soft spot for Dogecoin because I like dogs and memes."
Despite frequent Dogecoin-related tweets, Musk remains a supporter, as evident in Tesla and SpaceX accepting DOGE for merchandise and planning the DOGE-1 moon mission.
Dogecoin's Price Movement
Musk's previous tweets have significantly influenced Dogecoin's price. While he maintains his support, his statements have impacted Dogecoin's value. According to CoinMarketCap, Dogecoin (DOGE) is currently trading at $0.1285, showing a decline of 1.07% over the past 24 hours and 6.90% over the past week.
See the DOGE price chart below for reference.
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