In an interview, Elon Musk explains his reasons for supporting Dogecoin.
Elon Musk is not abandoning Dogecoin, his favorite crypto
At the Qatar Economic forum, held June 20-22 in Doha, Tesla’s controversial founder Elon Musk, during an interview with the Bloomberg financial newspaper, also talked about cryptocurrencies and specifically his support with the most popular memecoin ever.
you’ve always been earnest about supporting the coin for what i consider the right reasons – you find it amusing, appreciate the satire and irony, and you think it has potential as a currency – and your companies accept it for merch, giving it more utility
— Shibetoshi Nakamoto (@BillyM2k) June 19, 2022
“A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin, so I’m responding to those people”.
As is well known, billionaire Elon Musk is one of Dogecoin’s most vocal supporters. Musk has been considered by the crypto community to be the real trigger behind memecoin’s mad rush, which reached $0.70 in early 2021, before it began its descent.
His tweets of support for the memecoin almost always gave a boost to the cryptocurrency immediately afterward.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
In addition, Musk announced in late May that both Tesla and SpaceX would also accept Dogecoin as a form of payment for merchandise, triggering a real jump in crypto.
Tesla merch can be bought with Doge, soon SpaceX merch too
— Elon Musk (@elonmusk) May 27, 2022
In his interview with Bloomberg, Musk finally revealed the reasons behind his continued support for this memecoin, which was born in 2012 almost as a joke and then also rose to tenth place in the ranking of the most capitalized cryptocurrencies, thanks and above all to the very support of the richest man in the world.
The real reasons behind the strong support from the CEO of Tesla and SpaceX
And so Musk, who had suddenly started selling Dogecoin in early 2021, confessed, perhaps somewhat surprisingly, that he actually got into Dogecoin thanks to SpaceX and Tesla employees.
He also reiterated in a tweet on 19 June that he will continue to support the coin.
Memecoin founder Billy Markus responded to this latest tweet by explaining:
“You’ve always been earnest about supporting the coin for what I consider the right reasons—you find it amusing, appreciate the satire and irony, and you think it has potential as a currency—and your companies accept it for merch, giving it more utility”.
you’ve always been earnest about supporting the coin for what i consider the right reasons – you find it amusing, appreciate the satire and irony, and you think it has potential as a currency – and your companies accept it for merch, giving it more utility
— Shibetoshi Nakamoto (@BillyM2k) June 19, 2022
Elon Musk candidly admitted that it was not his idea to support DOGE, but that of his Tesla employees, who encouraged and invited him to support Dogecoin.
In this regard Musk said:
“I just had a lot of people who are not that wealthy, who have encouraged me to buy and support Dogecoin. So I’m responding to those people. Just people that work in the factory of SpaceX or Tesla, they’ve asked me to support Dogecoin”.
Who knows if the great movement on the coin in recent days, especially from large investors, referred to as “whales” in jargon, might not be related to these new statements by Musk. DOGE has, in fact, risen from $0.04 to the current $0.07 in just a few days.
Source: https://en.cryptonomist.ch/2022/06/29/elon-musk-heres-why-i-support-dogecoin/