Elon Musk has come to his own defense following a recent lawsuit that has been thrown in his direction. The suit is coming from a group of investors who claim they lost millions of dollars on Dogecoin investments after listening to Musk talk it up.
Elon Musk Says He’s Not the Bad Guy
Musk has always been a crypto bull, especially when it comes to Doge. He was long rumored to be the new CEO of Dogecoin, though sadly, this later turned out to be just an internet rumor. However, he continues to invest in it even though crypto prices are crashing like crazy at the time of writing, and he has referred to Doge as the “people’s crypto” in the past. Right now, Musk only invests in bitcoin, Ethereum, and Doge.
In addition, SpaceX merchandise can be bought with Dogecoin, and his Boring Company recently announced plans to permit Doge as a method of payment, so he’s clearly a fan. This has caused him to talk it up from time to time. He even went so far as to promote it while serving as a guest host on “Saturday Night Live,” though his praise of the currency has clearly backfired in that he is now facing a class-action lawsuit worth more than $250 million.
Musk made it clear in a recent statement that he never forced anyone to invest in crypto, nor has he ever said that “people should invest in crypto.” On the contrary, he feels he’s been rather clear about the risks that come with the space, and he has made sure that digital currency only accounts for a small portion of his companies’ balance sheets.
In a recent interview, he stated:
In the case of Tesla, SpaceX, myself, we all did buy some bitcoin, but it’s a small percentage of our total cash assets.
He says that by investing only small amounts here and there, that should have given people the right idea about what to expect and how cautious they should be when delving into digital assets. He further commented:
I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support Dogecoin. I’m responding to those people… I will continue to support Dogecoin.
Not Always Friendly to BTC
Elon Musk may love Doge, but he hasn’t been equally kind to BTC, and many still blame him for a monster dip that occurred during the first half of 2021 last year.
Musk had announced that crypto fans could use BTC to purchase electric Tesla vehicles, though he quickly rescinded that decision after everyone got excited out of fear that the bitcoin mining sector was using too much energy, and he had concerns about the well-being of the planet.