Elon Musk, Bitcoin, and Dogecoin. Why does Elon support Bitcoin, did he promote Dogecoin?
Recently Elon has been accused of pumping and dumping Dogecoin and is currently being sued for hundreds of billions of dollars via a class-action lawsuit.
Elon Musks' brief history and connections to both Bitcoin and Dogecoin are chaotic, to say the least. Let's have a look at the connections between Elon Musk and these two cryptocurrencies and see if we can come up with some answers as to why Elon Musk is unequivocally connected to these cryptos and what that has to do with him being sued.
A Little About Elon
For those that have been living under a rock, Elon Musk is a well-known and much-loved entrepreneur, CEO, engineer, investor, and founder. Elon is behind such companies as Tesla, SpaceX, Nerualink, and The Boring Company among others.
Elon first made waves in the tech space when he co-founded X.com a financial services company that ended up merging with PayPal around the 1999/2000 time period.
The popular online marketplace eBay later acquired PayPal and it is reported that Musk made a staggering $175.8 million based on his 11.72% of shares that he controlled in the company.
After this payout Musk started SpaceX in 2002, and then later invested $6.5 million in Tesla in 2004 and became the majority shareholder.
Elon Musk Bitcoin Dogecoin Obsession?
Where did Elon's obsession with crypto begin and could it have led to him being sued?
To answer that lets look at a timeline of events and see what we can pull from it.
Elon Musk Crypto Timeline 2017 to Now
Elon has been known to comment on cryptocurrency since as far back 2017 when a post written by former SpaceX intern Sahil Gupta made its way to the popular blogging platform Medium (via the Hacker Noon publication). The post was titled Elon Musk Probably Invented Bitcoin.
Gupta's article alleges that Elon Musk is Satoshi Nakamoto, the inventor of Bitcoin, and gives reasons why. Reasons such as the use of the words "bloody hard" and Musk's understanding as well as recommendations to use the C++ programming language.
Musk quickly denied the allegation with a tweet saying "Not true. A friend sent me part of a BTC a few years, but I don’t know where it is."
That amount that Musk had received from his friend was revealed to be 0.25 BTC or about $2,531 at the time ($5,320 today) and we know this because Musk once again had taken to Twitter to let everyone know, this time, it was in response to a question he was asked about crypto-related spam and scams on the platform.
Since that time Musk has only amped up his talk about cryptocurrency, specifically both Bitcoin and Dogecoin.
It was in 2018 that we first started to see the Elon Musk Bitcoin Giveaway Scam. The scam consisted of hackers breaking into verified users' Twitter accounts, changing the profile to Elon Musk, and posting Bitcoin giveaway website links and images asking users to verify themselves by sending Bitcoin to addresses that the hackers controlled.
Musk revealed in a tweet response that his favorite cryptocurrency was Dogecoin when he was jokingly voted by the Dogecoin community to be the best CEO for Dogecoin.
You can see the tweet below and also see who Musk was up against as the top dog CEO of Dogecoin.
Later on that same year Musk appeared on an ark-invest podcast interview with analyst Cathie Wood, which you can listen to here (go to the last 4 minutes), where he was asked about cryptocurrencies and responded by calling Bitcoin "brilliant" and saying that "paper money is going away".
We can tell, and it's obvious from Musk's comments in the podcast linked above, that he is a fan of cryptocurrency and he doesn't see it going away.
By 2020 the Elon Musk Bitcoin Giveaway Scam had now raked in millions of dollars as reported by cyber security firms that had been tracking the addresses.
Other celebrities such as Kanye West, Bill Gates, Barack Obama, and more had also been used as celebrity bait in the scam.
Musk continued his support for Dogecoin in 2020 by tweeting his love for the project alongside funny dog-related memes. It was around this same time that people started to notice Musk's tweets were likely sending the price up as reported here by Forbes.
A few interesting crypto-related topics happened in 2o21 for Elon Musk.
In March of 2021 Musk revealed that Tesla customers would be able to purchase the company's vehicles using bitcoin.
Just a couple of months later Elon went back on previous comments and said the company would no longer accept Bitcoin due to its energy-intensive mining process. These statements apparently caused Bitcoin to drop a whopping 17% in price.
And again in the same month of May, in yet another tweet response, Musk said that he supported crypto over fiat: "The true battle is between fiat & crypto. On balance, I support the latter".
This year the Bitcoin and related Dogecoin drama has not stopped for Elon.
Between January and April of 2022 Musk had begun investing in Twitter stock and by March he had become the company's largest shareholder. In April when it was officially announced that Musk's intentions were to take Twitter over, this sent the price of Dogecoin soaring with lots of investors speculating over the moves.
In June, Elon Musk and companies SpaceX and Tesla were served with a massive $258 billion class action lawsuit that alleges the defendants Elon and companies are engaged in a cryptocurrency pyramid scheme, AKA Ponzi scheme.
Musk was recently on video at the Qatar Economic Forum saying "I have never said that people should invest in crypto" when asked about the recent "carnage" in cryptocurrencies.
As you can see from this timeline of events Elon Musk is no stranger to bitcoin and dogecoin or cryptocurrency as a whole and while he may not be Satoshi Nakamoto, he's set himself up over the years to be forever linked to the topic of crypto.
Whether Elon likes it or not, he's placed himself in a position where he's seen as this crypto-figurehead. He's been referred to as The Dogefather, the CEO of Dogecoin, an edgy crypto meme-lord, and as we will show you below, the guy that pumps but does not dump bitcoin.
The internet never forgets. Sometimes that's good, sometimes not so.
10 Elon Musk Bitcoin and Dogecoin Quotes
Let's now take a look at some bitcoin and dogecoin-related quotes from Elon Musk and see what we can gather and surmise from the things that he has said in the past.
“But wait there’s more: the flame thrower is sentient, its safe word is “cryptocurrency” and it comes with a free blockchain.”
“I think bitcoin is on the verge of getting broad acceptance by conventional finance people.”
“I am late to the party but I am a supporter of Bitcoin.”
"The only thing I own of any significance beyond Tesla and SpaceX stock is Bitcoin, and then some Ethereum and Dogecoin."
"I might pump, but I don’t dump… We are not selling any Bitcoin."
"I have never said that people should invest in crypto."
"One idea would be to put a bitcoin node in SpaceX Starlink terminals, so that way more people would be running bitcoin."
“It looks like Bitcoin is shifting more towards renewable… There is a trend towards more than 50% renewables. In that case, Tesla would resume accepting Bitcoin, Most likely.”
"Bitcoin will be more environmentally friendly than gold mining or the traditional financial system."
"On balance I support bitcoin and cryptocurrency in general."
As you can see Elon is not shy from discussing or sharing his thoughts and feelings about bitcoin and dogecoin in the public square that is Twitter, but it'll be up to a jury to decide whether he has acted as some kind of clandestine crypto shill with ulterior motives.
Until next time.
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