The Chicago Journal

Elon Musk Reiterates He Never Encouraged Other People to Invest in Crypto

Elon Musk, the founder and CEO of SpaceX and Tesla, has always expressed his interest in cryptocurrency but recently it’s become a little problem as someone filed a case against him.

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In the last week, Keith Johnson, a fellow Dogecoin investor and entrepreneur, blamed Musk for pushing DOGE to society and filed a legal case against him.

Musk’s purchase, development and promotion of Dogecoin has been a factor in this case. The Tesla CEO is also accused of acting like an “information pyramid scheme,” which is the reason Johnson believes he should pay over $250 billion to caused damages.

Johnson shared that he would remain an advocate for Dogecoin, even after the lawsuit. The coin surged 11% following his announcement and is now nearly $0.06 worth.

Elon Musk maintains that while he has always been vocally supportive of cryptocurrencies, he never urged others to invest in them.

When Elon Musk, CEO of Tesla and SpaceX, would announce his thoughts on the crypto industry, he never thought about the influence his opinions would have on others.

Last year, Elon Musk pledged to put a literal Dogecoin on “the moon” and this pumped up its value by 35%. The mention of “Baby Doge Coin” in one tweet also led to a nearly 90% increase in its value.

In a recent interview, Elon Musk said that he never pushed others to invest their money into the crypto ecosystem despite his enthusiasm for cryptocurrency.

“I have never said that people should invest in crypto,” he told Bloomberg. 

Elon Musk, who is best known for his work with Dogecoin, also owns Bitcoins and Ethereum. He reminded  people that he holds other coins as well in an appearance on Bloomberg. Musk also informed viewers of the small portion Bitcoin accounts for in terms of his wealth.

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

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