Tesla CEO Elon Musk has an on-again-off-again relationship with cryptocurrency.
This week, he appears favorably inclined in the direction of Bitcoin, asserting that he sees “some advantage” in it and unspecified different cryptocurrencies, and reiterating his enthusiasm for the dog-themed meme coin Dogecoin.
Talking at an X Takeover occasion, Musk stated that, “I do suppose there’s some advantage in Bitcoin and possibly among the different crypto,” including, “I type of have a comfortable spot for Dogecoin, as a result of I identical to canine and memes.”
“I am not going to be selling crypto—at most, in a joking means. If you happen to see me pumping crypto, it isn’t me. I do suppose there’s advantage in Bitcoin and possibly another cryptos, and I’ve type of bought a comfortable spot for Dogecoin as a result of I like canine and memes.” – Elon Musk, earlier immediately 😂 pic.twitter.com/l1gs1ZPebH
— Sir Doge of the Coin ⚔️ (@dogeofficialceo) July 29, 2024
In a dialogue that targeted on the usage of his picture to advertise crypto scams, Musk stated that, “I am not going to be selling crypto—at most, in a joking means.” He added that, “If you happen to see me pumping crypto, it isn’t me.”
Scams utilizing the Tesla CEO’s picture have raked in tons of of hundreds of {dollars} in crypto from unsuspecting victims, evolving in sophistication from hacks of his Twitter account to the usage of his face in faux adverts, and deepfake movies.
The proliferation of spam and rip-off bots was a key consider Musk’s resolution to purchase Twitter, which he subsequently rebranded as X. In April, he introduced a “system purge” of bots and trolls on the platform, threatening to carry “the total pressure of the legislation to bear upon them.”
Talking at X Takeover, Musk warned Twitter customers to be “cautious” of scams, including that upon encountering any crypto-related promotions: “I might double examine whether or not that’s actual.”
Musk has gone backwards and forwards over cryptocurrency. In 2021, he introduced a short-lived initiative for Tesla to simply accept Bitcoin as fee for its vehicles. The corporate continues to carry Bitcoin as a part of its company treasury.
The Tesla CEO has additionally been an enthusiastic advocate of Dogecoin, suggesting that “in some unspecified time in the future” the EV producer ought to settle for it as fee.
Edited by Stacy Elliott.