Zinger Key Points
- Musk acknowledged some merit in Bitcoin and expressed a fondness for Dogecoin due to his love for dogs and memes.
- Musk has significantly influenced Dogecoin, which reached all-time highs in 2021 due to his frequent tweets and endorsements.
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Tech magnate Elon Musk has shared his thoughts on cryptocurrency, acknowledging some merit in Bitcoin BTC/USD and expressing a fondness for Dogecoin DOGE/USD.
What Happened: In an appearance on the X Takeover podcast over the weekend, Musk addressed his views on digital currencies.
“I’m not going to be promoting crypto — at most, in a joking way. If you see me pumping crypto, it’s not me,” he said.
This statement comes as a stark contrast to his previous enthusiastic endorsements, particularly of Dogecoin.
However, Musk didn’t completely dismiss the potential of cryptocurrencies. “I do think there’s some merit in Bitcoin, and maybe some other cryptos.”
In a moment of levity, he added, “I’ve sort of got a soft spot for Dogecoin because I like dogs and memes.”
The billionaire entrepreneur also took the opportunity to refute recent reports suggesting he had discussed cryptocurrencies with former U.S. President Donald Trump.
“Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do,” he said.
Also Read: Dogecoin Owner’s New Dog Neiro Gets Memed, Developer Turns 3 SOL Into $2.85M In Suspected Foul Play
Why It Matters: Interestingly, Musk’s comments came in the wake of the Bitcoin 2024 conference in Nashville, Tennessee, where Trump was a keynote speaker.
The former president made bold promises regarding cryptocurrency policies if re-elected, including firing SEC chair Gary Gensler and establishing a “strategic bitcoin reserve.”
Musk, who had previously been instrumental in Dogecoin reaching all-time highs in 2021, seems to have cooled his crypto enthusiasm.
In December 2023, he admitted to spending “hardly” any time thinking about cryptocurrency.
The Tesla CEO also addressed the issue of misinformation on his social media platform X, suggesting that community notes may need to be generated faster to combat out-of-context posts and videos.
He advised his followers to “double-check if that is real” when encountering crypto-related opinions attributed to him on the platform.
As the cryptocurrency landscape continues to evolve, Musk’s shifting stance highlights the complex relationship between high-profile figures and digital assets.
This topic is likely to be a point of discussion at the upcoming Benzinga’s Future of Digital Assets event on Nov. 19, where industry leaders and experts will explore the impact of public figures on market dynamics and investor behavior.
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