Few people are as influential in the crypto space as the SpaceX and Tesla founder & CEO Elon Musk, who has always expressed his interest in cryptocurrency, but his passion for crypto has put him in a tight spot recently.
Last week, a Dogecoin investor & entrepreneur named Keith Johnson blamed Musk for pushing DOGE to society, filing a legal case against him.
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Johnson, also known as the Doge Father, explained that Musk’s purchasing, developing, and promoting of the Dogecoin is a factor in the case. He also described the Tesla CEO’s actions as a “Crypto Pyramid Scheme,” insisting he pays over $250 billion to the caused damages.
Despite the lawsuit, Johnson shared that he would remain an advocate for Dogecoin. The coin surged 11% after the announcement, pushing it to nearly $0.06.
However, Elon Musk maintains that while he has always been vocally supportive of cryptocurrencies, he never urged others to invest in cryptocurrencies.
Musk has expressed his thoughts on the crypto industry numerous times through the years. But he never expected his comments would influence the market.
Last year, the Tesla CEO boldly vowed to put a literal Dogecoin on “the literal moon,” which boosted the coin’s value by 35% shortly after his comment.
Another example saw Baby Doge Coin value rise by nearly 90% after he mentioned the coin in one of his tweets.
Musk reiterated that he never pushed others to invest their money into the crypto ecosystem despite his extra enthusiasm for cryptocurrency.
“I have never said that people should invest in crypto,” he told Bloomberg in a recent interview.
Although he is most popularly associated with Dogecoin, Elon Musk admitted that he also holds Bitcoin and Ethereum. He reminded people of the former in his recent Bloomberg appearance, informing people that the coin only accounted for a small portion 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.”
Musk also shared thoughts on Dogecoin, saying he supports the coin. A few months ago, the Tesla CEO said that while it was created as a joke, Dogecoin is better suited for payments over Bitcoin.
Opinions expressed by NY Weekly contributors are their own.
