A few days after Elon Musk and his companies – Tesla and SpaceX – were sued by an American citizen, Kieth Johnson, for promoting Dogecoin, the billionaire said in a Bloomberg interview that he “never said that people should invest in crypto.”
Elon Musk Refutes Claims of Promoting DOGE
According to a court filing on Thursday, June 17, at the Manhattan Federal court, the plaintiff alleged that the tech billionaire promoted Dogecoin (DOGE), through his numerous Twitter posts, knowing that the said memecoin does not have real value like other crypto assets.
However, Musk has refuted such claims, noting that he never advised anyone to invest in cryptocurrencies even though his companies have a decent Bitcoin portfolio that represents a small percentage of their total assets.
The Doge Father also stated that he bought some Dogecoins, and his electric car company is accepting the cryptocurrency as payment for some of its branded products, like its other company, SpaceX.
According to the Tesla boss, his deep support for Dogecoin was spurred by people asking him to buy and support the cryptocurrency.
“I have never said that people should invest in crypto,” says Tesla CEO Elon Musk. He reiterated his support for Dogecoin and spoke about his crypto investments #QatarEconomicForum https://t.co/K56VQzGV5m pic.twitter.com/0qleFBaQ0N
— Bloomberg TV (@BloombergTV) June 21, 2022
Elon Musk to Continue Supporting DOGE
Interestingly, Elon Musk is not moved by the recent lawsuit seeking up to $258 billion in damages. In a Twitter post on Sunday, the billionaire said he would continue supporting Dogecoin, reacting to a follower who asked him to continue purchasing the asset.
Musk has influenced the price of Dogecoin in the past through his tweets about the memecoin. The cryptocurrency reached its peak in the 2021 boom market, making many investors millionaires before crashing more than 80% of its all-time high.
Bad Actors Are Taking Advantage
Meanwhile, bad actors are taking advantage of Elon Musk’s popularity in the crypto industry by creating deep fake videos of him to promote their fraudulent investments.
Earlier in May, Coinfomania reported that a group of scammers used deep fake videos of the billionaire to promote a crypto trading platform dubbed BitVex. These bad actors promised investors a 30% of return on investments when they register and trade cryptocurrencies on the platform.