Elon Musk says he never recommended investing in cryptocurrencies

Elon Musk Dogecoin

With cryptocurrencies in decline, it seems that many are looking to “jump ship” or at least lessen the burden of liability for having indicated an investment in digital assets. One of those who seem to be trying to lighten the bar a bit in this regard is Elon Musk, who during his participation in the Qatar Economic Forum said that he never told people to invest in cryptocurrencies.  

The billionaire CEO of Tesla and SpaceX, who has been talking about cryptocurrencies and heavily promoting Dogecoin for many years, appears to take a much softer stance on the sector, stating that he has never recommended that people buy cryptocurrencies.

Despite claiming to have invested in Bitcoin in the past, he made it clear that he specifically never told people to do the same and invest in any type of digital asset.

“I never said that people should invest in cryptocurrencies. In the case of Tesla, SpaceX and myself, we all buy a little bit of Bitcoin, but it is a small percentage of our total cash assets.”

Musk also made it clear that he has no favorite cryptocurrencies, but that he personally supports Dogecoin because of the people he knows who have convinced him of the cryptocurrency’s usefulness.

“I intend to personally support Dogecoin because I know a lot of people who are not that rich who have encouraged me to buy and support Dogecoin, so I am responding to those people.”

Going further, Musk also stated that Dogecoin will be supported by some SpaceX products to be released in the future, indicating that he does indeed support the currency, although he does not recommend anyone to buy them, as he himself said.

However, for those who remember the past few months, Musk has always been a big supporter of cryptocurrencies and has always played his “influence power” on the Dogecoin market, having been responsible for many of the digital assets highs in the last few months. the market. past, he even self-proclaimed the Dogefather.

Musk never actually talked directly to people to buy Dogecoin or any other digital asset, however, his behavior in the past made his intentions very clear in his many posts. However, even the CEO of Tesla knows that sometimes the best thing to do is to wriggle out of a situation.

Musk and his companies are being sued for a pyramid scheme involving Dogecoin, the plaintiff seeking $258 billion in damages. Furthermore, he alleges that Musk was part of an extortion scheme to support the meme cryptocurrency.

The billionaire made comments after learning of the lawsuit. In a series of tweets on Saturday, he promoted Dogecoin and said that he continues to buy the meme cryptocurrency.