Elon Musk, the tech billionaire has been keeping a mysterious air with his silence on his stance towards crypto assets. This silence is now months old.
Musk’s silence regarding crypto was interpreted by some as a sign that interest in the technology had waned or an indication of strategic pause while waiting for a good time to move forward.
He touched briefly on the subject of cryptocurrency during this week’s Wall Street Journal CEO Council Summit, in London. With a particular emphasis on Dogecoin.
“I’m not advising anyone to buy crypto or bet the farm on dogecoin,” In a virtual event, he warned people against investing their life savings in digital currencies inspired by memes.
He did, however, reiterate that dogecoin was his favourite cryptocurrency. This is due to its humor, and the inclusion of dogs. He did not share his thoughts or insights on other digital assets.
Musk’s interaction with dogecoin fans was a bit of a show earlier, and there were some noticeable correlations between DOGE’s price and Musk’s Tweets.
Musk has tweeted multiple times about memecoin between 2019-2022. This led to temporary price hikes.
Investor Keith Johnson filed a $258 billion lawsuit in June 2022 against Musk alleging that he was involved in a scheme to manipulate DOGE’s price.
Musk’s legal team has responded. “there is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
Musk’s new role as CEO had crypto enthusiasts wondering if he would bring cryptocurrency to Twitter. Musk has not been forthcoming about his crypto plans. However, in April he temporarily changed the logo of the microblogging website to include the Shiba Inu associated with dogecoin.
A surge in DOGE’s price was also caused by this unplanned move.
According to Blockworks Research, DOGE was last trading around 7 cents Wednesday and has fallen more than 9% over the past month.
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