Elon Musk Explains Why He Supports Dogecoin

Elon Musk has revealed why he backs the meme cryptocurrency dogecoin. He stated that many of the people he speaks with at his companies, Tesla and Spacex, own dogecoin, and that “it felt like the people’s crypto.”

Elon Musk, CEO of Tesla and SpaceX, revealed the real reason he began supporting dogecoin on Sunday. Many people he talks to at both companies own the meme cryptocurrency, he says.

Elon Musk responded to a tweet by dogecoin holder Glauber Contessoto, who said the appeal for DOGE is real, citing a survey that found about a third of US crypto holders own the meme cryptocurrency, with the following:

Lots of people I talked to on the production lines at Tesla or building rockets at Spacex own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge — it felt like the people’s crypto.

Musk’s comment and support are welcomed by the Doge community. “Most of us don’t come from privileged backgrounds, and frankly, we can’t relate to the experts in Silicon Valley,” Contessoto responded. “We just want to believe in a cryptos that represents us all.” Dogecoin is the little guy personified in cryptos, which is why we love it. We appreciate your support, Elon.”

According to a survey conducted by price comparison website Finder, more people in the United States own dogecoin than in any other country. According to the survey:

Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own dogecoin. This is 1.6 times the global average adoption rate of 19.2%.

Musk has previously stated that he owns three cryptocurrencies: bitcoin, ether, and dogecoin. On Sunday, he confirmed that he does not own any shiba inu tokens and tweeted several important dogecoin improvements. In August, Tesla CEO Elon Musk agreed with Shark Tank host Mark Cuban that dogecoin is the “strongest” cryptocurrency for payments.

Patrick

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