Elon Musk Denies Advising People to Invest in Crypto

The business magnate and CEO of Tesla – Elon Musk – said he has never urged individuals to distribute their wealth into cryptocurrencies. He reminded he has personally invested in bitcoin, however, this represents a small percentage of his total capital.

Musk’s Influence on Crypto

The world’s richest man – Elon Musk – has displayed his thoughts on the cryptocurrency industry numerous times, and it is safe to say that often his comments have affected the market. For example, last year, the entrepreneur vowed to put “a literal Dogecoin” on “the literal moon,” which pumped the memecoin’s price by 35% minutes later.

On another occasion, he mentioned “Baby Doge” in one of his tweets. Shortly after, the USD valuation of Baby Doge Coin skyrocketed by nearly 90%.

However, in a recent interview for Bloomberg, Musk stated he had not pushed people toward joining crypto’s ecosystem:

“I have never said that people should invest in crypto.”

Last summer, the billionaire admitted holding Bitcoin, Ethereum, and Dogecoin. During his most recent appearance, he reminded that BTC takes part in his portfolio, but it is a small proportion of his total wealth:

“In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets.”

Subsequently, he gave his two cents on his favorite digital asset – Dogecoin, saying he supports the coin. Several months ago, Tesla’s boss argued that despite being created as a “silly joke,” it is better suited for payments than Bitcoin. On the contrary, he bashed BTC for its low transaction volume, opining “at its base level,” it fits the bill for a store of value.

The $258 Billion Lawsuit

Last week, Keith Johnson – a Dogecoin investor – blamed Elon Musk and his corporations (SpaceX and Tesla) for purchasing, developing, and promoting DOGE to broad society and filed a legal case against him. Johnson described Musk’s actions as a “Crypto Pyramid Scheme” and insisted that he pay over $250 billion due to the caused damages.

A few days later, the entrepreneur (known as the Doge Father) declared he will stay an advocate of the memecoin despite the lawsuit. As usual, the token surged 11% minutes after the announcement, climbing to nearly $0.06.