Elon Musk says he ‘never said people should invest in crypto’, vows support for Dogecoin

Tesla Inc. CEO Elon Musk has denied telling people to invest in crypto, but maintains he will continue to support Dogecoin.

In an interview with Bloomberg TV on Tuesday, the SpaceX CEO also confirmed his companies bought and still hold Bitcoin, although these holdings make only a small part of the companies’ total cash and assets.

 “Well I have never said that people should invest in crypto,” he told Bloomberg News Editor-in-Chief John Micklethwait during an appearance at the Qatar Economic Forum. He added:

In the case of Tesla, SpaceX and myself – SpaceX and Tesla did buy some bitcoin but it’s a small percentage of our total cash and cash assets. So it’s not all that significant. I also bought some dogecoin and Tesla accepts those coins for some merchandise and SpaceX the same.”

On Dogecoin, which has rallied in the past after some of Musk’s tweets – as it did this weekend – Musk said:

I intend to personally support dogecoin because I just get a lot of people who are not that wealthy you know – who have encouraged me to buy and support those coins.”

Musk on why he supports DOGE

Elon Musk faces a class action lawsuit filed last week, alleging that Musk promoted a pyramid scheme. He did not comment on that,but said his suppport is because the DOGE community requested he does do.

While he acknowledges that the cryptocurrency, which sparked the meme coin craze last year, has suffered in the market as its price tanked, it’s still a valuable project.

I said I support Dogecoin and I’m doing that.”

Dogecoin price is up 12% in the past 24 hours and over 23% this past week.

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