Elon Musk discusses crypto investment, support for Dogecoin, ‘unresolved’ issues on Twitter and the imminent recession – highlights from Bitcoin

Elon Musk discusses crypto investment, support for Dogecoin, ‘unresolved’ issues on Twitter and the imminent recession – highlights from Bitcoin

Tesla and Spacex CEO Elon Musk shared his views on a variety of topics, including crypto investment, why he supports the meme cryptocurrency dogecoin, “unresolved issues” in his Twitter takeover bid, and the likelihood of a short-term recession in the US.

Elon Musk on Crypto Investing

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

Crypto investment was among the topics discussed. Musk was asked if he thinks people should continue to invest in cryptocurrencies given the downtown market. The director of Tesla explained that he never recommended people to buy cryptocurrencies, stating:

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

He used to be the boss of Spacex discovered that he also possesses ether (ETH) and dogecoin (DOGE) while Tesla and Spacex own only bitcoinBTC).

Musk responds to people who encourage him to buy and support Dogecoin

Musk continued to reveal why he supports the meme cryptocurrency dogecoin. He mentioned it first Tesla accepts dogecoin for some goods and Spacex will do the same.

He then reiterated his intention to continue to support DOGE, stating:

I only know a lot of people who are not so rich who, you know, encouraged me to buy and support dogecoin. I answer to these people.

Recently, a lawsuit was filed against Musk, Tesla and Spacex for their promotion of dogecoin. The chief plaintiff was a dogecoin investor who lost money trading a meme coin. He states that Musk and his companies are “involved in the crypto pyramid scheme (also known as the Ponzi scheme) through the dogecoin cryptocurrency.”

Twitter deal halted: There are ‘unresolved issues’

Musk also discussed some of the issues that stand in his way $ 44 billion He admitted there were a few more “unresolved issues” before the deal could be completed.

The director of Tesla specified that in addition to waiting resolution when asked how many spam bots there are on the social media mega platform:

The question is whether part of the debt in the circle will come together and whether shareholders will vote for.

He emphasized that he would focus on “product implementation” on Twitter, but did not necessarily plan to become the executive director of the social media company. “One way or another, steps need to be taken that attract most people to use Twitter,” Musk said, adding:

Ideally, I’d love to get 80% North America and maybe … half the world or something end up on Twitter in one form or another.

Twitter claims that bots make up less than 5% of total users. Musk claimed that this was “not the experience of most people” at the service.

Short-term recession ‘More likely than not’

The CEO of Spacex was asked if he thought the U.S. economy would slide into recession. He replied:

A recession is inevitable at some point. As for whether there will be a recession in the near future, it is more likely than not.

Musk has shared his views on the recession several times recently. In early May, he said that the American economy is probably in a recession that could last 12 to 18 months. In the same month he said that if we are not already in recession then we are approaching a recession. However, he noted that “actually a good thing. ”

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What do you think about Elon Musk’s comments? Let us know in the comments section below.

Elon Musk discusses crypto investment, support for Dogecoin, ‘unresolved’ issues on Twitter and the imminent recession – highlights from Bitcoin

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.

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