Elon Musk’s passion for cryptocurrency has put him in a tight spot recently. The SpaceX and Tesla founder is considered one of the most influential people within this space. But his interest may be backfiring with a case filed against him.
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Last week, entrepreneur and Dogecoin investor Keith Johnson blamed Elon Musk for pushing DOGE to society. Prompting him to file a legal case against Musk.
Johnson, also known as ‘the Doge Father. Explained that Musk’s purchasing and promoting of Dogecoin is the reason behind the case. He described the Tesla CEO’s actions as “a Crypto Pyramid Scheme,” citing how Much should $250 billion for caused damages.
Johnson shared his support for Dogecoin following the announcement of the lawsuit. Also the coin saw an 11% increase in value. The crypto now is nearly $0.06 USD.
However, Elon Musk maintains that while he has always been vocally supportive of cryptocurrencies and the technology behind them, he never urged others to invest in these crypto assets.
In recent years, Elon Musk has expressed his thoughts on the crypto industry numerous times. He never expected these comments would influence markets so much.
Elon Musk’s promise to put a “literal Dogecoin on the moon” increased its value by 35% last year. The value of Baby Doge Coin also increased nearly 90% after he mentioned it in one of his tweets last year.
Musk reiterated that he never pushed others to invest their money into cryptocurrency despite sharing his enthusiasm for crypto.
“I have never said that people should invest in crypto,” he told Bloomberg in a recent interview.
In a recent Bloomberg interview, Elon Musk reminded people that he also owns Bitcoin and Ethereum. The reminder came when talking about his wealth in general, saying it only accounts for “a small portion” of his wealth.
“In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin,” he said. “But it’s a small percentage of our total cash assets.”
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