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Elon Musk Explains Why He Supports Dogecoin and What’s Next

2 mins
Updated by Nicole Buckler

Elon Musk, the Tesla and SpaceX founder, explained why he supports the meme altcoin and what he plans to do next.

Elon Musk decided to start supporting dogecoin (DOGE) after he was asked about it by “not so wealthy people.” The billionaire said this in an interview with Bloomberg at the Qatar Economic Forum.

According to Musk, he himself “never said that you need to invest in cryptocurrency,” and his personal investments are insignificant. But speaking about DOGE, Musk said that he intends to continue to support the altcoin.

“I have never said that people should invest in crypto. In the case of Tesla, and SpaceX and myself, I did buy some Bitcoin but it’s a small percentage of our total cash and assets. So, you know, it’s not all that significant. I also bought some Dogecoin. Tesla accepts Dogecoin for some merchandise, and SpaceX will do the same. And I intend to personally support Dogecoin. I just have a lot of people who are not that wealthy who have encouraged me to buy and support those coins. So I’m responding to that those people, who I speak to as I walk around the factory at SpaceX or Tesla. They’ve asked me to support those coins so I’m doing so.”

Elon Musk Swims Against the Stream

Elon Musk and DOGE Price

Against the background of statements, the DOGE rate in the DOGE/USD pair jumped by more than 6% to $0.06.

Elon Musk has long been considered an ardent supporter of DOGE. For example, against the background of the recent collapse of the crypto market, the billionaire confirmed that he was buying a meme altcoin, but did not specify how much. Tesla also accepts DOGE as a means of payment for merchandise.

It is noteworthy that in late May, the co-founder of the Dogecoin project, Jackson Palmer, called Musk a “fraudster.”

According to Palmer, Musk was unable to run code that Palmer released, which caused Palmer to doubt the technical skills of the billionaire. In response to criticism, Elon Musk said that his children “wrote better code” than Palmer.

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