The cryptocurrency market is experiencing one of the most severe downturns in recent times. Most of the benefits received in the last two years have disappeared. Cryptocurrencies in general, including bitcoin, have suffered serious losses. As a result, it is clear that we have entered a bear market.
Elon Musk, on the other hand, claims that he still believes in Dogecoin (DOGE), after a 90% drop of the joke token from all-time spikes due to the crypto winter. The Tesla and SpaceX CEO revealed his reasons for supporting DOGE in a recent interview with Bloomberg Editor-in-Chief John Micklethwaite.
Elon Musk quotes that he actively promotes Dogecoin because he knows a lot of individuals who are not very successful. He says he has urged them to acquire and promote Dogecoin. So, he’s answering to all the people who hang out at the SpaceX or Tesla workplace.
Elon Musk will continue to support Dogecoin
Musk is currently facing a $258 billion lawsuit, claiming he participated in a pyramid scheme by increasing the cost of Dogecoin. In keeping with the allegations, Musk promised his 99.3 million Twitter followers that he would continue to promote and buy the meme cryptocurrency.
He said that he never recommended anyone to invest in cryptocurrencies. He claimed that SpaceX, Tesla and he himself bought some bitcoins. However, this is only a small part of his net worth and relatively close assets, which is not a big deal.
Musk again reinforced his support for Dogecoin, saying that SpaceX will likely take the cryptocurrency.
He ended his interview by saying that he bought some Dogecoin and that the meme currency is accepted by Tesla for a select few products. He claims that SpaceX will do the same in the coming days.