Elon Musk: “I never said that people should invest in cryptocurrencies”

Key facts:
  • Elon Musk clarifies that he bought bitcoin for his personal holdings and those of Tesla and SpaceX.

  • In addition, he acknowledges that he tries to support dogecoin and has bought it.

Billionaire businessman Elon Musk, CEO of Tesla and SpaceX, reaffirmed his bullish view for the bitcoin (BTC) market in an interview with Bloomberg. He also made it known at the meeting that he believes there will be a recession at some point. And he publicly defended himself against the recent lawsuit he received for “inflating” the price of dogecoin (DOGE).

“I have never said that people should invest in cryptocurrencies,” express given the current bearish outlook and the demand it faces. Thus, Elon Musk responds to the indictment facing for fueling alleged dogecoin pyramid schemeas he strengthens his belief in the cryptomeme and bitcoin.

As BTC and DOGE enthusiast Elon Musk clarified: “Tesla, SpaceX and myself do buy some bitcoin. But it’s a small percentage of our highly liquid assets, so it’s not that significant. I also bought some dogecoin and Tesla accepts dogecoin payments for certain merchandise.

It is worth clarifying that, although Elon Musk says that his investment in BTC does not represent much of his total holdings, his margin is remarkable. Tesla is the second publicly traded company with the most bitcoins in the world with a total of 42,902 BTC since the beginning of 2021, valued at around $30,000 – $40,000.

The price of bitcoin has depreciated since Tesla invested in the cryptocurrency. Font: TradingView.

His funds in the cryptocurrency are currently estimated to be at unrealized losses, as BTC is trading close to 20,000. Namely, Tesla continues to hold its reserves at bitcoinalthough they have depreciated in the current bear market.

Such a decision shows his long-term bullish conviction, just as mentioned the company Recently. According to cryptonews calculatorRight now, his bitcoin holdings represent $916 million, while during BTC’s all-time high seven months ago they were valued at more than $2 billion.

Elon Musk reaffirms his support for bitcoin and dogecoin in the bear market

The businessman clarified several issues in the conversation. In addition to noting that he himself and his two companies have invested in bitcoindistinguished that he also bought doecoin for your personal holdings. Likewise, he estimated that he tries to support this memecoin, far from being frightened by the demand he faces in this regard.

“I personally try to support dogecoin because I know 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,” held Elon Musk.

This comment comes after an American investor will demand the week passed by USD 258 billion. He accuses him of having fallen into what he considers “the dogecoin pyramid scheme” that the businessman promoted.

Various analysts have confirmed that Musk’s comments on dogecoin sparked its big price hike last year of more than 1,000%. This is also the opinion of the plaintiff, who warns that later the current 93% drop from its maximum it has erased almost all of its growth and caused heavy losses of money to its holders.

The dogecoin price has fallen 93% in 14 months from its all-time high in May 2021. Source: TradingView.

“A recession is inevitable at some point,” says Elon Musk

As for the current bear market and macroeconomic backdrop, the businessman said: “A recession is inevitable at some point.” Nevertheless, considers that it will probably not be in the short term, despite the fact that some specialists have indicated that we entered a recession.

According to analysts, a recession terrain would affect the cryptocurrency marketalthough some, such as Zoltan Pozsnar, believe that will benefit bitcoin. In this scenario, Elon Musk summarized that Tesla will be reducing its salaried workforce by 10% in the next three months and there are still some unresolved issues to be resolved. fully acquire Twitter.

We want to thank the writer of this write-up for this outstanding content

Elon Musk: “I never said that people should invest in cryptocurrencies”