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Elon: Never suggested anybody to invest in cryptocurrency

22-Jun-2022 By: Simran Mishra
Elon: Never suggeste

Elon: Never suggested anybody "invest in cryptocurrency" 

Elon Musk was questioned about the "carnage" on the cryptocurrency market and if investors should still invest in decentralised assets given what the market faced in the last month in his most recent interview, his response was hardly "bullish" for the market.

Musk said that he has never recommended that people invest in cryptocurrencies and that they should only buy Bitcoin as a private investment. He also stated that he has never recommended others to participate in such a dangerous product.

He also clarified that Tesla and SpaceX's Bitcoin holdings are only a small portion of their total assets on their balance sheets, and that it does not expose the companies to major risks, stressing the importance of risk management when buying volatile digital assets.

Musk also stated that he will keep supporting Dogecoin since he believes in its decentralised structure and ability to be used as a payment instrument. Despite the asset's 50% drop in the last 45 days and an even steeper drop from it's all-time high, Tesla nevertheless takes DOGE payments for its products. The cryptocurrency market is no longer considered mainstream.

Other related news: Elon Musk Confirms He’ll Keep Buying and Supporting Dogecoin

After the Bitcoin market crashed by more than 30%, most institutional investors sold their holdings and quit the digital asset market for good. Big organisations and enterprises, on the other hand, have mostly abandoned support for crypto payments until the price action returns to normal.

While Bitcoin lost a significant amount of value, the market did not anticipate a collapse below the 2017 all-time high, which was about $19,000, resulting in a big realised loss of $7 billion over the weekend.

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