Dogecoin is still Elon Musk’s ‘favorite’ crypto, but he’s careful not to endorse it Dogecoin is still Elon Musk’s ‘favorite’ crypto, but he’s careful not to endorse it
Elon Musk takes a cautious yet affectionate stance on Dogecoin, as he calls it his favorite cryptocurrency for its humor, while advising against overinvestment at The Wall Street Journal's CEO Summit.
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Updated: Jul. 11, 2023 at 2:45 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Elon Musk is still a fan of Dogecoin, even if he is choosing to be much more careful in how he expresses it.
Speaking at The Wall Street Journal’s CEO Summit in London, the Tesla and SpaceX CEO reaffirmed his affinity for Dogecoin while being careful not to promote it explicitly.
When asked if he was still “a fan” of crypto, Musk hedged his words. “I’m not advising anyone to buy crypto or bet the farm on Dogecoin, for example. Don’t bet the farm on Dogecoin!” he scolded before continuing with a grin: “Maybe you should. But let me advise you that would be, perhaps, unwise.”
While the back-and-forth in tone suggested that the billionaire entrepreneur has been made aware of the potential ramifications of such public comments, Musk appeared unable to completely reign in his affection for the original memecoin, calling Dogecoin his “favorite” crypto “because it has the best humor, and has dogs.”
When pressed on the fact that Dogecoin is still far below its 2021 highs, Musk deflected the question with a musing:
“You know, a friend of mine has saying: that the most ironic explanation is the most likely. And the most ironic outcome for currency would be that the thing that was made as a joke to make fun of cryptocurrencies…becomes the global currency.”
Musk’s more conservative stance sharply contrasts with his more inflammatory comments toward regulators. Perhaps most notable is an infamous 2018 60 Minutes interview in which he proclaimed, “I do not respect the SEC,” in response to charges that he had used Twitter to manipulate the price of Tesla stock.
Less famous, however, are the words he followed that comment with: “I respect the Justice system.” Musk settled the charges with the SEC that same year.
Musk’s acknowledgment of Dogecoin as his “favorite” crypto still had the effect of drawing attention to itself, though it did not affect the coin’s price in this instance — in fact, DOGE is down almost 3% since Musk’s comments yesterday.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Tesla
Tesla is a manufacturer of electric vehicles and a clean energy company led by billionaire Elon Musk.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.