Elon Musk Believes Bitcoin Has Value and Favors Dogecoin

After Donald Trump's public support for Bitcoin in particular and cryptocurrencies in general, it's now billionaire Elon Musk's turn to state that Bitcoin has value and that he has always preferred memecoins, especially Dogecoin.

Elon Musk Believes Bitcoin Has Value And Favors Dogecoin

Last weekend, Musk participated in the X Takeover podcast, organized by Tesla Owners Silicon Valley. During the hour-long conversation about technology and sustainability, Musk shared his latest thoughts on Bitcoin.

He stated:

I’m not promoting cryptocurrency, at most I’m just joking around. If you see me hyping up crypto, that’s not me. I think Bitcoin has some value, and so do some other cryptocurrencies. I do have a preference for Dogecoin because I like dogs and memes.

In May, Musk denied discussing cryptocurrencies with Republican presidential candidate Donald Trump. At that time, Elon Musk said:

I have definitely never discussed crypto with Trump, although I often support things that can shift power from the government to the people, which cryptocurrency can do.

Trump and Elon Musk Support Cryptocurrency

Elon Msuk Trump

Trump was a highly anticipated speaker at the Bitcoin Conference 2024 in Nashville, Tennessee, held from July 25-27. There, the former President declared he would fire SEC Chairman Gary Gensler if re-elected in November. Trump also vowed to do everything possible to keep crypto in the U.S., turning the country into the world’s “Bitcoin superpower” and establishing a national Bitcoin reserve.

Related: What Did Trump Say at Bitcoin Conference 2024?

Musk, one of the world’s richest people, had been a “lifeline” for Dogecoin, propelling it to new heights in the summer of 2021. Tesla, Musk’s company, invested in BTC and accepted Bitcoin payments (later reversing this decision). Musk has always had a special relationship with Dogecoin, starting in April 2019 when he tweeted:

Dogecoin might be my favorite cryptocurrency. It’s pretty cool.

This initial endorsement doubled Dogecoin’s price from $0.002 to $0.004 in just a few days, peaking at $0.74 in the summer of 2021.

However, Musk asserts that he does not spend much time thinking about cryptocurrencies.

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