Elon Musk Vows Not to Promote Cryptocurrencies

Tesla and SpaceX CEO Elon Musk has stated he does not intend to promote cryptocurrencies, except perhaps “in jest.” He made this remark during the X Takeover podcast.

Sharing his views on Bitcoin, he noted that the first cryptocurrency and possibly some others have “their merits.” The billionaire also admitted a fondness for Dogecoin (DOGE), as he enjoys “dogs and memes.”

However, he made it clear that if anyone finds a video of him “pumping” any digital asset, it is a deepfake.

Musk also urged people to “double-check whether” purported statements by him regarding cryptocurrencies or platforms, quoted on X, “are true.”

Through his actions on social media, its current owner has repeatedly triggered surges in Dogecoin. In February 2023, the meme cryptocurrency’s price reacted to a series of Musk’s tweets featuring his dog Floki.

In April, the coin’s price momentarily rose by 25% after the social network’s logo was changed to the mascot image of the asset. The return of the blue bird to its original place led to an 8% drop in DOGE.

Later, Musk placed a “Д in his profile description, causing a 9% spike in the meme cryptocurrency’s quotes.

Tesla and SpaceX hold bitcoins on their balance sheets. In January 2024, the entrepreneur suggested the use of digital gold as a currency on Mars.

Back in June, users discovered a deepfake on YouTube featuring Musk giving away “free bitcoins.”