Elon Musk supports Dogecoin says Bitcoin holdings “not all that significant”

Elon Musk has emphasized his support for DogeCoin at the Qatar Economic Forum, also claiming at the conference that he has never told people to invest in crypto.

Listed as the world’s richest man on the Forbes rich list, the SpaceX and Tesla CEO has shared his enthusiasm for Dogecoin via Twitter on several occasions. In an interview with Bloomberg news, Musk reiterated his support for Dogecoin, despite last week being hit by a $258 billion lawsuit over his support of dogecoin, noting:

“I intend to personally support Dogecoin, because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people,”

In the video interview, Musk states that his employees have asked him to support the cryptocurrency, saying that “when I walk around the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I’m doing so”.

With regards to Bitcoin, Musk wasn’t quite as enthusiastic, being clear to state that he has never said that people should invest in crypto.

“I have never said that people should invest in crypto. SpaceX and Tesla and myself did all buy some Bitcoin, but it’s a small percentage of our total cash assets, so not all that significant.”

Despite the billionaire facing a $258 billion lawsuit over his support of Dogecoin, Musk has maintained his position of support for the cryptocurrency that began as a joke, Tweeting about the meme coin on a number of occasions. 

This weekend Bitcoin fell to under $20,000, recovering on Monday, and holding above $20,000 at the time of publishing. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.