Elon Musk Reveals His True Stance on Crypto: No More Dogecoin Hype?

NAIROBI (CoinChapter.com)—Tesla CEO Elon Musk joined the X Takeover podcast hosted by the Tesla Owners Silicon Valley account on Sunday. During the podcast, Musk clarified he would not actively promote any cryptocurrency, contrasting with his previous endorsements, especially of Dogecoin.

Musk Clarifies His Stance on Crypto Promotion

In the podcast, Musk discussed his views on Bitcoin and other cryptocurrencies. While emphasizing his neutrality on promoting crypto, Musk acknowledged Bitcoin’s merit and expressed a fondness for Dogecoin due to his love for dogs and memes.

He stated that any promotional content attributed to him was likely fabricated, underscoring that his remarks on cryptocurrencies should not be considered endorsements.

Musk mentioned that he does not intend to promote crypto, and any promotional content attributed to him was likely fabricated. He reiterated that his comments on Bitcoin and other cryptocurrencies should not be taken as endorsements.

Musk also addressed rumors about discussing cryptocurrency with Republican presidential candidate Donald Trump and clarified that he had never discussed it with Trump.

However, he supports the idea of decentralization and the potential of cryptocurrencies to shift power from the government to the people.

Tesla and SpaceX’s Relationship with Dogecoin

Despite Musk’s claims of not actively promoting cryptocurrencies, his actions suggest continued support for Dogecoin. Tesla and SpaceX, both companies led by Musk, accept Dogecoin for merchandise payments.

Additionally, the much-anticipated moon mission, DOGE-1, remains on track, further cementing Musk’s connection to the meme cryptocurrency.

Tesla’s first-quarter financials reveal it didn’t sell any of its Bitcoin holdings, maintaining over 11,000 Bitcoins. This financial decision indicates Musk’s long-term belief in Bitcoin’s potential, despite his recent reluctance to promote cryptocurrencies publicly.

Crypto trader Russell Sarder ranked Musk as the top billionaire Bitcoin owner with 208 Bitcoins, followed by Mark Zuckerberg with 181 Bitcoins, and Larry Ellison with 170 Bitcoins.

Fake Bitcoin 2024 Livestreams Exploit Musk’s Image

The Bitcoin 2024 event also saw the emergence of deepfake livestream scams on YouTube, exploiting Musk’s image. These scams posed as the official Bitcoin 2024 livestream, tricking users into parting with their crypto assets.

One specific deepfake video amassed over $28,000 in Bitcoin, Ether, and Dogecoin. The scams followed a “double your money” scheme, enticing users to send crypto with the promise of receiving double the amount. However, the funds were not returned.

Bitcoin proponent Michael Dunworth highlighted these scams on X, warning the community about the fake live streams. Despite multiple reports, some of these videos continued streaming, deceiving unsuspecting viewers.

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