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Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues, and Near-Term Recession

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Tesla and Spacex CEO Elon Musk has shared his views on various topics, including investing in crypto, why he supports the dogecoin cryptocurrency meme, “unresolved issues” in his Twitter takeover bid, and the possibility of a short-term recession in the US.

Elon Musk on investing in cryptocurrency

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Tesla CEO Elon Musk shared his thoughts on a wide range of issues in an interview with Bloomberg News correspondent John Micklethwaite at the Qatar Economic Forum on Tuesday.

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Crypto investments were among the topics discussed. Musk was asked if he thinks people should still be investing in crypto, given the downtown market. The Tesla CEO clarified that he has never recommended that people buy cryptocurrencies, stating:

I never said that people should invest in cryptocurrencies. In the case of Tesla, Spacex, and myself, we all bought some bitcoin, but it’s a small percentage of our total cash holdings.

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The head of Spacex previously revealed that he also owns ether (Ethereum) and dogecoin (DOGE), while Tesla and Spacex only own bitcoin (BTC).

Musk responds to people urging him to buy and support Dogecoin

Musk explained why he supports the dogecoin cryptocurrency meme. First, he mentioned that Tesla accepts dogecoin for some items and Spacex will do the same.

He then confirmed his intention to continue supporting DOGE by stating:

I just know a lot of not so rich people who, you know, encouraged me to buy and support dogecoin. I answer these people.

Musk, Tesla and Spacex were recently sued for their promotion of dogecoin. The lead plaintiff was a dogecoin investor who lost money trading the meme coin. He claims that Musk and his companies are “participating in a crypto-pyramid scheme (also known as a Ponzi scheme) through the dogecoin cryptocurrency.”

Twitter deal stalled: there are ‘unresolved issues’

Musk also discussed some of the issues standing in the way of his $44 billion bid to buy Twitter Inc. He acknowledged that there are several “unresolved issues” before the deal is completed.

Tesla’s CEO explained that, in addition to waiting for a resolution on how many spambots are on the social media mega platform:

The question arises whether the debt part of the round will converge, and then the shareholders will vote in favor.

He emphasized that he would focus on “product management” at Twitter, but did not necessarily plan to become the CEO of a social media company. “One way or another, steps need to be taken that will encourage the most people to use Twitter,” Musk said, adding:

Ideally, I would like 80% of North America and maybe… half of the world or something to eventually be on Twitter in one form or another.

Twitter claims that bots make up less than 5% of its total users. Musk claimed that this was “not the experience of most people” on the service.

Imminent recession ‘more likely than not’

The Spacex CEO was asked if he thinks the US economy will slide into recession. He replied:

At some point, a recession is inevitable. As for whether there will be a recession in the near future, it is more likely than not.

Recently, Musk has shared his views on the recession several times. In early May, he said the US economy was likely in a recession that could last 12 to 18 months. That same month, he said that if we are not already in a recession, then we are approaching one. However, he noted that it was “actually good”.

What do you think of Elon Musk’s comments? Let us know in the comments below.

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Credit : news.bitcoin.com

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