Elon Musk’s Cautionary Tale: Why He’s No Longer Advising Anyone to Buy Cryptos – News JVTech

2023-05-25 11:15:02

News JVTech “I do not advise anyone to buy cryptos” Elon Musk changes his tune

Published on 05/25/2023 at 13:15

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In recent years, Elon Musk has multiplied optimistic references to cryptocurrencies through his various interventions on social networks. After having shown his love for Bitcoin, Ethereum or Dogecoin, the billionaire now seems much more cautious regarding advising cryptocurrencies.

Elon Musk and crypto

No technological innovation escapes Elon Musk. Beyond his remarkable exploits in various sectors such as the electric automobile with Tesla or the conquest of space with SpaceX, the American businessman finds the time to take an interest in other subjects.

Over the years, blockchain and cryptocurrencies also caught Musk’s attention. Since 2019, the American businessman has regularly tweeted regarding the qualities of Bitcoin and other cryptocurrencies, like the crypto joke Dogecoin.

“Dogecoin might be my favorite cryptocurrency. It’s pretty cool. Musk tweeted in 2019.

Its various interventions on its networks have obviously aroused great interest among the general public. and this has obviously helped Bitcoin and Dogecoin prices rise in 2020, thus testifying to the billionaire’s influence in the crypto industry.

Besides, Elon Musk didn’t just comment as he raised thousands of Bitcoins with Tesla cash. Despite a sale of 75% of this fund in crypto, the billionaire seemed to continue to believe in the universe of cryptos.

Elon Musk changes his mind regarding cryptos?

At the Wall Street Journal CEO Council Summit in London, Elon Musk has been unusually reserved on the subject of cryptocurrencies.

“I do not advise anyone to buy crypto or bet on Dogecoin. Elon Musk told the Wall Street Journal.

This change in tone towards cryptocurrencies is surprising. And for good reason, two months ago, Elon Musk changed the logo of Twitter for that of his faithful DOGE.

Moreover, paradoxically, in this same interview, Elon Musk clarified that Dogecoin remained his “favorite cryptocurrency”.

Thus, the billionaire’s attraction to cryptocurrencies seems intact, but this speech marks a turnaround in the way Musk expresses himself on the subject.

It’s time for caution for Elon Musk

Indeed, since June 2022, the businessman is being sued by investors accusing him of having artificially inflated the price of this cryptocurrency. He is accused of having used his influence to manipulate the courts of the Doge.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

With the decline in crypto market prices over the past two years, unsuspecting Doge holders would have lost thousands, if not millions of dollars. Along with the majority of the market, the Doge has lost over 90% of its value and as a result some investors have seen part of their savings disappear into crypto.

So, the latter claim around 258 billion dollars in compensation from the American billionaire and its companies (Tesla, SpaceX…).

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