Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues & Near-Term Recession

Tesla and Spacex CEO Elon Musk shared his views on a variety of topics including crypto investing, why he’s backing the cryptocurrency dogecoin meme, ‘unresolved issues’ in his public offering buy on Twitter and the likelihood of a short-term US downgrade.

Elon Musk on crypto investing

Tesla CEO Elon Musk shared his thoughts on a wide range of topics in an interview with John Micklethwait of Bloomberg News during the Qatar Economic Forum on Tuesday.

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Crypto investing was among the topics discussed. Musk was asked if he wanted people to always have to invest in the cryptocurrency account held in the downtown market. The Tesla CEO clarified that he never recommended people buy cryptocurrency, saying:

I never said people should invest in crypto. In the case of Tesla, Spacex, myself, we’ve all bought bitcoin, but it’s a small percentage of our total cash.

The Spacex chief previously revealed that he also owned ether (ETH) and dogecoin (DOGE) while Tesla and Spacex only owned bitcoin (BTC).

Musk responds to people encouraging him to buy and support Dogecoin

Musk then revealed why he was supporting the cryptocurrency dogecoin meme. First, he mentioned that Tesla accepts dogecoins for certain merchandise and Spacex will do the same.

He then reiterated his intention to continue supporting DOGE, stating:

I just know a lot of people who aren’t that rich who, you know, encouraged me to buy and support dogecoin. I respond to these people.

Newly, a lawsuit has been filed against Musk, Tesla, and Spacex for their promotion of dogecoin. The lead plaintiff was a dogecoin investor who lost money trading the meme coin. It alleges that Musk and his companies “are engaged in a crypto-pyramid scheme (aka Ponzi scheme) using a dogecoin cryptocurrency.”

Twitter deal stalled: there are ‘unresolved issues’

Musk also discussed some issues standing in the way of his $44 billion bid to buy Twitter Inc. He admitted there were still some “unresolved issues” before the deal could be completed.

The Tesla CEO explained that in addition to waiting for a resolution to the number of spambots on the mega social media platform:

There is the question of whether the debt part of the cycle will come together and then shareholders will vote in favour.

He stressed that he was focused on “driving the product” on Twitter but didn’t necessarily plan to become the social media company’s CEO. “Somehow you have to take the steps that get most people to use Twitter,” Musk said, adding:

Ideally, I’d like to have about 80% of North America and maybe… half the world or something ultimately on Twitter in some form.

Twitter claims that bots represent less than 5% of the total number of users. Musk argued that’s “not most people’s experience” on the service.

Short-term regression is ‘more likely than not’

The CEO of Spacex was asked if he was assuming that the US economy would sink into a regression. He has answered :

A defeat is inevitable at some point. As to whether there will be a pullback in the near term, that is more likely than not.

Musk recently shared his take on a pullback a few times. In early May, he said the US economy is likely in a regression that could last 12 to 18 months. During the same month, he said that if we are not already in decline, we are approaching one. However, he noted that it was “actually a good thing.”

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What do you think of Elon Musk’s comments? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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