Home Altcoins Elon Musk ‘Won’t Be Promoting Crypto,’ Despite Pumping Doge for Years

Elon Musk ‘Won’t Be Promoting Crypto,’ Despite Pumping Doge for Years

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  • Musk comments on the surge of deepfake scams. 
  • Deepfake videos using Musk’s likeness defraud investors.
  • Musk was pumping Dogecoin for years. 

As one of the most influential people involved in crypto, investors will often jump on anything Elon Musk mentions. The problem is that sometimes the person they see is not actually Musk. 

In a recent interview, Musk addressed the growing issue of deepfake scams using his image to promote various crypto projects. The remarks come after years of Musk promoting his favorite crypto, Dogecoin. 

Musk Adresses AI DeepFakes of Him

AI deepfakes are becoming a growing problem, with many using Musk’s own image to defraud investors. The problem became so pervasive that Musk had to address it on Monday, July 29, during the X Takeover podcast hosted by Tesla Owners Silicon Valley. 

Musk, known for his influential tweets that have significantly impacted crypto markets, clarified that he would never seriously promote crypto. “If you see me pumping crypto, it’s not me,” he explained. He went on to clarify that he believes that there is “some merit in Bitcoin, and maybe some other crypto,” and acknowledged his support for Dogecoin. “I have a soft spot for Dogecoin because I just like dogs and memes.  

Musk’s statement comes amid rising concerns over deepfake videos that scam investors, including videos using Musk’s own image. These videos circulate on social media and use images of influential people to promote their scams. 

While Musk never actively promoted any crypto project, some fans might believe he would promote crypto thanks to his fondness for Dogecoin. 

Musk is No Stranger to Crypto, Especially Dogecoin

Elon Musk’s relationship with Dogecoin began in April 2019 when he tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” This initial endorsement caused the price of Dogecoin to double from $0.002 to $0.004 within days. 

Musk’s frequent tweets about Dogecoin continued to pump the coin over the next few years. The top came when Musk promised that his company SpaceX would put a literal Dogecoin on the moon. Coupled with his upcoming appearance on “Saturday Night Live,” this tweet pushed Dogecoin to its all-time high of $0.74 by May 2021.

However, following his SNL appearance, where he jokingly referred to Dogecoin as a “hustle,” the price dropped sharply. Currently, Dogecoin is trading at $0.1294

On the Flipside

  • Musk is not the only person used in AI deepfakes. Other notable figures include Microsoft founder Bill Gates, and investors Warren Buffet and Charlie Munger, among others. 
  • Musk highlighted the community note feature on Twitter, which helps add context or highlight fake news on posts. It also comes up when AI deepfakes show up. 

Why This Matters

Musk addressing AI deepfakes may help protect at least some of his fans from scams. The sophistication of this technology means that investors have to be extremely cautious when it comes to trusting what they see online. 


Read more about Elon Musk’s involvement in crypto: 

Elon Musk’s Crypto History: The Good, the Bad, and Putting Dogecoin on the Moon

Read more about how to pick the best tokens: 
How Can You Spot Promising Altcoins? Nansen and Bitget Share Insights





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