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Elon Musk Reaffirms Interest in Bitcoin and Dogecoin, Warns of Cryptocurrency Scams
Elon Musk Reaffirms Interest in Bitcoin and Dogecoin, Warns of Cryptocurrency Scams
Tesla CEO Elon Musk has expressed a positive view of Bitcoin, acknowledging its value and hinting at an appreciation of other digital currencies, while reiterating his affection for Dogecoin.
At an event hosted by X Takeover, Elon Musk said, “I think Bitcoin and maybe other cryptocurrencies have merit,” without specifying which cryptocurrencies he was thinking of. He also expressed affection for Dogecoin, the cryptocurrency inspired by memes featuring a Shiba Inu dog. “I have a soft spot for Dogecoin because I like dogs and memes,” he added, highlighting his playful approach to the world of cryptocurrencies.
Despite his personal interest, Elon Musk has stressed that he does not actively promote cryptocurrencies. Addressing the misuse of his image in cryptocurrency scams, he said, “I’m not going to promote cryptocurrencies, at most, in a joking way.” He also warned, “If you see me hacking cryptocurrencies, that’s not me.”
The Tesla CEO’s image has been exploited in various scams, from hacking his Twitter account to creating fake ads and deepfake videos, tricking unsuspecting victims into parting with large sums of cryptocurrency. At the X Takeover event, Musk advised users to be vigilant against scams, urging them to “double check if it’s real” when they come across cryptocurrency promotions.
Under Musk’s leadership, Tesla continues to hold a significant amount of Bitcoin. Analysts have determined that the company’s Bitcoin holdings remained stable during the last quarter of 2023, valued at approximately $387 million with over 9,720 BTC. This information, coming from Bitcoin Treasuries, underscores Tesla’s continued commitment to the cryptocurrency as part of its corporate treasury.
Elon Musk’s stance on cryptocurrencies has undergone many changes. In 2021, he briefly announced that Tesla would accept Bitcoin as payment for its vehicles, a move that was quickly retracted. Nevertheless, the company maintains its Bitcoin holdings. Additionally, Elon Musk has been a vocal proponent of Dogecoin, even suggesting that Tesla might eventually accept it as payment.