Elon Musk revealed his reason for promoting Dogecoin; How far is it correct?

Multi-billionaire entrepreneur and CEO of Tesla and SpaceX, obsession with Dogecoin is well known and now he told the reason for it

You must have remembered the rally of Dogecoin during May last year, many believed that this was made possible due to its promotion by Elon Musk himself. The notion came from the fact that Elon Musk has been vocal about his support for the popular meme currency on various platforms. On top of this, the announcement of Musk’s electric vehicle manufacturing company, Tesla, to accept Dogecoin as payment for its merchandise. This made the DOGE price shoot up and reach $0.70, however, later on, it started declining. 

Even while prices of Dogecoin were on the decrease, this had not discouraged Elon Musk from promoting the meme coin, and was continuously bullish about it. There was no clear reason for this, why is the world’s richest man so obsessed with crypto? Well, it seems like this mystery has been solved by Dogefather himself when he revealed the reason for his investment in Dogecoin and its promotion. 

Recently in an interview with Bloomberg, Elon Musk said that the reason for which he got into the meme coin is because of employees at his companies SpaceX and Tesla. Musk stated that it was factory workers who worked on the floor in the companies and told him about it and asked him to support it too. 

The SpaceX and Tesla CEO said that there are a lot of people that are known to him and are not that wealthy, so they encouraged him to buy Dogecoin and support it. He then said that what he is doing is his response to those people, who work in the factories of Tesla or SpaceX, who asked him to support the memecoin and he did so. 

Further, Musk also revealed that he then continued to hold DOGE and still supports Dogecoin. However, it’s worth noting that for similar reasons for promoting Dogecoin, a massive lawsuit had been filed against Elon Musk. The lawsuit puts an allegation on a multi-billionaire entrepreneur that he was involved in pumping the meme coin price and later dumped it, as Dogecoin is nothing more than a Ponzi scheme.

Dogecoin price has risen in its price following the support from Musk on the social media platform Twitter where he is often seen to say something about Dogecoin. Electric car giant Tesla has also started accepting payments in Dogecoin for its merchandise while SpaceX is also going to accept payment in DOGE in the future, as Musk has revealed. 

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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