Elon Musk Clarifies His Stance On Relationship With Bitcoin and Dogecoin

Tesla CEO and X Chairman, Elon Musk has clarified his stance on digital assets like Bitcoin (BTC) and Dogecoin (DOGE). He highlighted his minimal involvement in promoting these coins while recognizing their potential in the digital world.

Elon Musk Says He Prefers Dogecoin to Bitcoin

Recently, there was an X Takeover podcast hosted by the Tesla Owners Silicon Valley that the billionaire entrepreneur attended. There, he shared his current view on Bitcoin and addressed past YouTube videos where he discussed the digital coin.

Elon Musk, when asked about his current stance on the virtual asset, mentioned that he sees it only as a merit. A view he holds of other crypto as well. He further expressed his fondness for Dogecoin due to his love for dogs and memes. 

Musk, who made no appearance at the just concluded Bitcoin Conference 2024 clarified that he has no plans to promote any cryptocurrency. He said that if he mentioned it, it was only a joke. Additionally, he addressed the possibility of manipulated videos, noting that any video of him endorsing crypto would be a deepfake. 

Members of the Bitcoin community recalled his tough stance against the digital asset. As reported earlier by BGEcrypto, Elon Musk yanked the Bitcoin hashmoji off his X platform. This move stirred an uproar in the industry. Tron founder, Justin Sun wrote to him to have a rethink about this decision. Still, Musk is mute on the matter.

Dogecoin vs Bitcoin

Furthermore, the DOGE army is making the segment where Musk mentioned the memecoin go viral on X. The active community members are sharing their excitement about the remarkable progress made by the dog-themed coin. In July, the Dogecoin whale holders saw a huge spike of over 10.6 billion DOGE in a 24 hour period. This market activity coincides with Dogecoin breaking through the 100 EMA technical barrier. 

Bitcoin, on the other hand, is considered as a hedge against inflation, and a valuable asset to hold by several market experts. Its widespread adoption by institutional investors, countries and private firms has proven its title as the world’s leading crypto. Also, its resilience against past market pressure has proven it not to be just a hype or favored by market sentiments.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.