Musk stated that he wasn’t urging people to invest in cryptocurrency after industry plummets
In his last interview with BloombergElon Musk was asked by the host about the “carnage” in the cryptocurrency market and whether people should still be investing in decentralized assets after what the market has seen over the past month, and the answer was no not “bullish” for the industry.
Musk stated that he never said that people should invest in cryptocurrencies and only purchase Bitcoin as a private investment, while not urging others to expose themselves to such a risky type of asset.
The entrepreneur also added that Tesla and SpaceX’s bitcoin holdings represent only a small portion of the total assets on their balance sheets, and that this does not expose the companies to significant risk, noting that risk management was key when buying volatile digital assets.
Musk also added that he will continue to support Dogecoin as he believes in the project’s decentralized nature and its use as a payment tool. Despite the asset’s 50% correction in the last 45 days and even bigger downward plunge from the ATH, Tesla still accepts DOGE payments for the company’s merchandise.
The crypto market is no longer mainstream
Following the more than 30% crash in the cryptocurrency market, most institutional investors closed their positions and left the digital asset market for good. As for large businesses and corporations, a large portion of them have dropped support for crypto payments until the price action normalizes.
While Bitcoin lost a large amount of its value, the market was not expecting a drop below the 2017 ATH, of approximately $19,000, which caused a massive realized loss of $7 billion on the weekend.
