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Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues and Near-Term Bearish – Featured Bitcoin News

Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues and Near-Term Bearish – Featured Bitcoin News

Tesla and SpaceX CEO Elon Musk has shared his thoughts on a variety of topics including crypto investing, why he supports the meme cryptocurrency Dogecoin, “unresolved matters” in his Twitter takeover bid, and the prospect of a near-term US recession.

Elon Musk on Crypto Investing

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

Crypto investing was one of the topics of discussion. Musk was asked if he thinks people should still invest in cryptocurrencies given the market’s downside. The Tesla CEO clarified that he never recommends people buy cryptocurrencies, stating:

I never said people should invest in crypto. In the case of Tesla, SpaceX, we all bought some bitcoin, but that’s a small percentage of our total cash assets.

The head of SpaceX previously revealed that he also has ether (ETH) and Dogecoin (DOGE) while Tesla and SpaceX only own bitcoin (B T c,

Musk Responds to Those Who Encouraged Him to Buy and Support Dogecoin

Musk reveals why he supports the meme cryptocurrency Dogecoin. First, he mentioned that Tesla accepts Dogecoin 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 are not so wealthy who have encouraged me to buy and support Dogecoin. I am answering those.

Recently, lawsuits were filed against Musk, Tesla and SpaceX for promoting Dogecoin. The main plaintiff was a Dogecoin investor who lost money while trading Mem Coin. He alleged that Musk and his companies “engaged in a crypto pyramid scheme (aka Ponzi scheme) by means of the Dogecoin cryptocurrency.”

Twitter deal stalled: There are ‘unresolved matters’

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

The Tesla CEO went on to elaborate on how many spam bots there are on the mega social media platform, in addition to waiting for the issue to be resolved:

The question is whether the debt portion of the round will come together and then whether shareholders will vote in favor.

He stresses that he will focus on “running the product” at Twitter, but doesn’t necessarily plan to become the social media company’s CEO. “One way or another, someone needs to take steps that tempt most people to use Twitter,” Musk said:

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

Twitter claims that bots account for less than 5% of total users. Musk argued that the service is “not the experience most people have”.

Near-term recession ‘more likely than not’

The SpaceX CEO was asked if he thinks the US economy will head into recession. He replied:

A recession is inevitable at some point. As to whether there is a bearish near term or not, the probability is high.

Musk shared his thoughts on the recession several times recently. In early May, he said the US economy was probably in a recession that could last 12 to 18 months. In the same month he said that we are approaching one if we are not already in recession. However, he added that it was “really 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 Austrian economics student, Kevin found bitcoin in 2011 and has been an evangelist ever since. His interest lies in bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.

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