Elon Musk States He Won’t Promote Crypto, Favors Dogecoin

Elon Musk has once again made headlines with his recent remarks about cryptocurrencies during the X Takeover podcast hosted by Tesla Owners Silicon Valley account on his X social media platform. Despite his previous influence on the crypto market, Musk made it clear that he won't be promoting cryptocurrencies seriously. 

When asked about current views on Bitcoin, Musk acknowledged its value. He stated, "There is merit in Bitcoin and maybe some other cryptos." However, he emphasized that he does not intend to promote any cryptocurrency seriously. Instead, he might make light-hearted comments about them. "If anyone sees a video where I’m pumping crypto, that is a deepfake" he added, addressing concerns about misleading promotional content. 

Musk’s affection for Dogecoin the meme-based cryptocurrency, remains evident. He admitted having a soft spot for Dogecoin because of his love for dogs and memes. Despite not frequently posting about Dogecoin on X his companies, Tesla and SpaceX continue to accept DOGE for merchandise in their online stores. Moreover, Musk is still committed to moon mission DOGE-1.

The DOGE community often referred to as the Dogecoin army, reacted enthusiastically to Musk’s comments. They shared his quotes alongside memes. This included scenes from "The Lion King." This light-hearted engagement highlights Musk's unique relationship with Dogecoin compared to other cryptocurrencies.

While Musk’s influence on Dogecoin’s price has diminished over time his endorsement still holds significance. Notably, his social media platform recently removed hashmojies for Bitcoin and other cryptocurrencies. This signals a shift in his engagement with the broader crypto community.

In summary, while Elon Musk won’t be seriously promoting cryptocurrencies, his ongoing support for Dogecoin continues to resonate with fans and the crypto community. His comments reflect a blend of humor and strategic endorsement. This ensures his continued influence in the crypto space