Elon Musk backs Dogecoin

It’s official, yet again: Elon Musk supports Dogecoin.

Musk, the chief executive officer of Tesla Inc. and SpaceX, reiterated his support of Dogecoin, a cryptocurrency created as a joke in 2013, on Tuesday. He noted that Tesla accepts Dogecoin for merchandise and reiterated that SpaceX will do the same soon.

“A lot of people who are not that wealthy have encouraged me to buy and support Dogecoin,” Musk said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at the Qatar Economic Forum in Doha. “I’m responding to those people.”

Dogecoin gained 3% as of 8:33 a.m. in London as is down 64% this year.

The token jumped about 9% in the span of a couple hours on Sunday after Musk tweeted that he would keep supporting it, and that he was continuing to buy it.

Musk has been vocal about crypto in recent years, sometimes even moving markets.

Doge-ZAR exchange rate on 21 June 2022

He helped boost Bitcoin in early 2021 as Tesla bought some tokens for its corporate treasury — before then saying the price seemed “high” and expressing concern about the energy usage in Bitcoin mining, both of which caused declines.

In March, Musk reiterated that he owns Bitcoin, Ether and Dogecoin and said he won’t sell them.

He’s been in particular a proponent of Dogecoin, posting on Twitter about everything from mining the meme token with his kids to having SpaceX put a “literal Dogecoin on the literal moon.”

Dogecoin hit its record in May 2021 in the leadup to Musk’s appearance on “Saturday Night Live” when he was widely expected to mention it on the show, then tumbled when he called it a “hustle.”

Qatar’s Ministry of Commerce and Industry, Qatar Investment Authority and Investment Promotion Agency Qatar are the underwriters of the Qatar Economic Forum, Powered by Bloomberg. Media City Qatar is the host organization.

Now read: Bitcoin on knife-edge

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Elon Musk backs Dogecoin