Elon Musk explains his reasons for backing Dogecoin and what his plans are
Elon Musk decided to start supporting Dogecoin (DOGE) after being asked about it by "not-so-rich people", after stating this in an interview with 'Bloomberg 'at the Qatar Economic Forum. According to Musk, he himself has "never said you have to invest in cryptocurrencies," and his personal investments are negligible. But when it comes to Dogecoin, Musk stated he intends to continue to support the cryptocurrency meme.
"I have never said that people should invest in cryptocurrencies. In the case of Tesla, and SpaceX and myself, I bought some Bitcoin, but it's a small percentage of our total cash and assets. So, you know, it's not that significant. I also bought some Dogecoin. Tesla accepts Dogecoin for some commodities, and SpaceX will do the same. And I intend to personally support Dogecoin. There are a lot of people who are not so wealthy who have encouraged me to buy and support those coins. So I'm heeding those people, who I talk to as I walk around the SpaceX or Tesla factory" Musk commented.
Due to these statements, the DOGE rate on the DOGE/USD pair jumped more than 6% to $0.06.
Elon Musk has long been considered an ardent DOGE supporter. Moreover, in the context of the recent cryptocurrency market collapse, the billionaire confirmed that he was buying a meme cryptocurrency, but did not specify further. Tesla also accepts DOGE as a means of payment for goods.
It is worth noting that in late May, Dogecoin co-founder Jackson Palmer called Musk a "scammer."
According to Palmer, Musk was unable to execute the code Palmer published, which caused Palmer to doubt the billionaire's technical abilities. In response to the criticism, Elon Musk stated his sons "wrote better code" than Palmer.