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Elon Musk denies shilling crypto, reaffirms support for DOGE

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Elon Musk said during a video interview at the Qatar Economic Forum that he never told people to invest in cryptocurrencies.

“I never said that people should invest in cryptocurrencies.”

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The comment came in response to a question about the current state of the market and whether people should continue to invest for the time being.

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Year-to-date churn is currently the highest $1.315 trillionwith many altcoins down 90% from all-time highs. Last week, when bitcoin fell to an 18-month low, the fear and greed index summed up the general mood (of extreme fear) at the moment of its fall. 6.

Refused to invite people to invest in cryptocurrencies

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After his refusal Musk said that he and his companies bought bitcoin. But, as a small percentage of total assets, the cash spent was money they could afford to lose.

“In the case of Tesla, SpaceX, and myself, we all bought some bitcoin, but it’s a small percentage of our total cash holdings.”

He continued by saying that he also bought Dogecoin, adding that Tesla accepts DOGE for sale and “SpaceX will do the same.”

Musk explained his passion for Dogecoin as a favor to “not very rich people” who asked him to support the meme’s token. He called these “not-so-wealthy” people like Tesla and SpaceX factory workers.

“I intend to personally support Dogecoin because I just know a lot of not-so-wealthy people who pushed me to buy and support Dogecoin. That’s why I answer these people.”

It’s been over a year since Musk appeared on Saturday night life (SNL), in which he played the role of a financial expert explaining cryptocurrencies. During the skit, he said that Dogecoin is “fuss”.

DOGE plummeted immediately after and is currently down 81% since its inception.

Musk Accused of Running Dogecoin Ponzi Scheme

Dogecoin investor Keith Johnson recently filed suit against Musk in federal court in Manhattan.

The plaintiff is suing Musk for $258 billion based on a Dogecoin pyramid scheme. Johnson alleges that the defendant manipulated the price of the token, resulting in retail losses.

Johnson is looking for $86 billion recovering damages due to the decrease in the price of the token since the introduction of SNL and wants to triple the amount.

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