In the midst of the sluggish global crypto market, Elon Musk's movements have become a concern. Imagine, among other technology figures, Musk is one of the most vocal in voicing his support for cryptocurrencies.
While speaking at the Qatar Economic Forum, Musk was asked for his opinion on the current state of the crypto market. At the same time, Musk wants to emphasize that he never invites people to invest in crypto.
"I never said that people should invest in crypto," Musk said, as quoted from Mashable, Thursday (23/6/2022).
"In the case of Tesla, SpaceX, myself, we all did buy some Bitcoins, but that was only a fraction of our total cash assets," he continued.
JUST IN: "I have never said that people should invest in crypto. In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it's a small percentage of our total cash assets," says Elon Musk https:/ /t.co/BLcp2WIvub #QatarEconomicForum #منتدى_قطر_الاقتصادي pic.twitter.com/R1ZfRGxWBR
— Bloomberg Live (@BloombergLive) June 21, 2022
If you look back at the history of Musk's tweets about crypto on Twitter, the confession of the richest person in the world is indeed true. Musk never explicitly invites people to buy crypto, but some of his tweets can be seen as a form of 'endorsement' for crypto assets.
Moreover, Musk currently has almost 100 million followers on Twitter. So it is not impossible that some of his followers consider Musk's tweets of support for crypto as a form of promotion and advice to get involved in investing.
Not only from tweets on Twitter, Musk has also shown his support for crypto by accepting it as a form of payment for products offered by his companies, Tesla and SpaceX.
Last year, Musk announced that Tesla would accept Bitcoin for his car purchases. This means that potential consumers have to buy Bitcoin assets before using them to pay for Tesla cars.
Musk has also announced that SpaceX will launch a satellite called Dogecoin. This mission will also be funded using Dogecoin and become the token of the crypto meme as the first cryptocurrency to make it into space.
Talking about Dogecoin, it seems that this meme token is Musk's favorite because he promotes it on Twitter the most. Even Musk once called himself the 'Dogefather'.
Musk's support for Dogecoin then backfired after an investor sued him and accused him of running a pyramid scheme to boost Dogecoin's value. Despite being sued, Musk reiterated his support for Dogecoin and promised to keep buying it.
I will keep supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
On the other hand, Musk once said that people who seek investment tips from him are better off buying physical assets such as houses or stocks. But he will still own and will not sell his Bitcoin, Ethereum, and Dogecoin assets.
Last year, the CEO of SpaceX and Tesla also tweeted that crypto assets are indeed promising for investment, but that ordinary people should do so with caution.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021