The post This is Why Elon Musk Supports Dogecoin (DOGE) appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
The cryptocurrency market is experiencing one of its most severe downturns in recent times. The majority of the profits realized in the last two years have disappeared. Cryptocurrencies in general, including Bitcoin, have suffered a severe hammering. As a result, it is evident that we have stepped into a bear market.
On the other hand, Elon Musk claims he still believes in Dogecoin (DOGE), following the joke token’s 90% drop from all-time spikes due to the crypto winter. The CEO of Tesla and SpaceX reveals reasons for his endorsement of DOGE in a recent interview with Bloomberg’s editor-in-chief John Micklethwait.
Elon Musk quotes that he actively promotes Dogecoin since he knows quite a lot of individuals who aren’t very successful. He says that they have urged him to acquire and promote Dogecoin. Hence, he is replying to all those individuals, who wander across the SpaceX or Tesla workplace.
Elon Musk To Keep Supporting Dogecoin
Musk is presently being sued for $258 billion, claiming that he participated in a pyramid scheme by increasing the cost of Dogecoin. Considering the allegations, Musk promised his 99.3 million Twitter followers that he will keep promoting and purchasing the meme cryptocurrency.
He adds that he has never recommended anyone to invest in cryptocurrency. He asserts that SpaceX, Tesla, and he himself bought a few Bitcoins. However, it’s a tiny portion of their overall wealth and relatively close assets, which isn’t a big deal.
Musk again reinforced his backing for Dogecoin, stating that SpaceX will presumably take the cryptocurrency.
He wraps his interview by stating that he purchased a few Dogecoin and the meme currency is accepted by Tesla for a few selected products. He claims that SpaceX will also do the same in the coming days.