Elon Musk promotes Dogecoin at the request of 'less affluent'

Tesla leader Elon Musk is considered the most prudent representative of the Dogecoin (DOGE) joke currency. But why is that? Many criticize Dogecoin as meaningless and pointless – but South Africans are even trying to make the cryptocurrency the world currency. In an interview, the entrepreneur has now revealed what’s behind it – and why he still thinks so highly of Dogecoin.

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Can Elon save DOGE?

Dogecoin (DOGE) has hit a beat in recent months: After a spectacular run in 2021, the base began to decline steadily, retreating 91.13% from the all – time high of $ 0.7376.

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DOGE is currently reporting an annual loss of more than 75% (data from Nomics.com). The asset has also faced significant losses over the past four weeks, losing more than 21%. However, DOGE is currently rising again and is up about 1.21% from yesterday.

Possible reason for the revival course: Tesla CEO Elon Musk. In a new interview, he is again in favor of DOGE – and also explains why he supports the coin at all.

According to the father of five, it is but favor people “who aren’t that wealthy”. Musc:

“I plan to support Dogecoin in person as I know many less affluent people who have inspired me to buy and support Dogecoin. So I respond to these people, just people walking around a SpaceX or Tesla factory. They asked me to endorse Dogecoin, so I do. “

But is that really true? There has been speculation for some time as to what Musk offers in favor of Dogecoin of the available cryptocurrencies. DOGE is the “cryptocurrency of the people,” he wrote in February last year:

Dogecoin is the crypto of the people
– Elon Musk (@elonmusk) February 4, 2021

However, some suspect that Musk was trying to enrich himself or friends by manipulating the course of the coins.

Dogecoin soon at SpaceX

That’s exactly what is now the subject of a $ 258 billion law. She accuses the billionaire of operating a Ponzi scheme with Dogecoin. Say: Musk is said to have pushed the DOGE course, so that others can dump their coins at high prices.

But Musk indirectly contradicts, emphasizing that he never suggested buying cryptocurrencies.

“I never said that people should invest in crypto. SpaceX, Tesla and I bought some bitcoin, but it’s only a small percentage of our total cash and cash assets, so it’s not that significant. “

And by the way, he drops a small Dogecoin bomb, reveals: In addition to Tesla, SpaceX will soon be accepting Dogecoin too! 50 year old:

“I also bought some Dogecoin, and Tesla accepts Dogecoin for some commodities, and SpaceX will do the same.”

It seems like Dogecoin could rely on the support of the billionaire for a while longer.

You can find the full interview with Elon Musk here.

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Another billionaire and his favorite silver medal

In parallel with Elon Musk, another crypto billionaire also interviewed: MicroSrategy CEO Michael Saylor. As is well known, it does not endorse Dogecoin, but the number 1 cryptocurrency: Bitcoin.

Speaking to Fox Business, Saylor reiterates what he has been declaring for some time: Only regulation will bring many new traditional investors to Bitcoin.

After investing 100 hours we all understand that #Bitcoin It is 100x bigger than the next best and unique digital commodity network. I take the long view in my cheerful, constructive conversation with @cvpayne while we talk BTC & debunk the critics.pic.twitter.com/YeqzfVd8xB
– Michael Saylor⚡️ (@saylor) June 21, 2022

Sailor:

“I think it’s an immature asset class that is maturing and I think any kind of regulation will be fine.”

According to Saylor, many people are moving towards government whether they want to or not. So if the government clarified the difference between commodity, securities, and currency, and how to use those things, Saylor believes it would open a much easier path for institutional, mainstream, and corporate investors to get involved.

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Last updated June 24, 2022