Elon Musk Reveals Main Reason He Supports Dogecoin Ahead of BTC

Elon Musk on Dogecoin

The Tesla CEO shared the reason he supports DOGE over BTC in the presence of hundreds of people. 

Tech billionaire and Tesla CEO Elon Musk has revealed why he supports Dogecoin (DOGE) over the leading cryptocurrency, Bitcoin (BTC). 

Musk is known for his outspoken support of crypto assets and his ability to move markets with his tweets. Musk recently spoke at the ‘WE ARE GIGA’ event in Berlin, Germany, where he openly expressed his love for Dogecoin.

He spoke on a stage in the presence of hundreds of people and called “Dogecoin to the moon” as the crowd roared and cheered.   

Why Musk Supports Dogecoin

In the event, the billionaire stressed that the reason he supports the memecoins is because a lot of “regular” people at his companies wanted him to support it. 

“Many people don’t know why I support Dogecoin. While I was walking around the factory in Tesla, a lot of regular guys said, ‘Hey, can you support DOGE?’ Even at SpaceX, people working at factories, regular guys said ‘Please support DOGE’,” he explained

Musk said he then decided to support the memecoin since it is the currency of the poor people.

“…I was like, you know what, DOGE is people’s crypto. I will support it. A lot of rich people support Bitcoin, but I will support Dogecoin. You know what, Dogecoin is for you (the regular people), and I will support it,” he continued. 

Tesla to Accept DOGE?

During the event, an attendee asked the billionaire when DOGE could be used as a payment method for Tesla; the billionaire replied it could soon but he did not give a specific date for it.  

“When can you buy a Tesla with Dogecoin? At some point, I think we should enable that,” Musk said.

Meanwhile, the tech billionaire announced in late 2021 that Tesla would accept DOGE as a payment method.

Despite Musk supporting Dogecoin over Bitcoin, his companies Tesla and SpaceX are BTC holders, with the electric car manufacturer holding the largest bag. CryptocurrenciesToWatch previously reported that Tesla currently holds 11.5k BTC ($780M) across 68 addresses, and SpaceX holds approximately 8.29k BTC ($560M) across 28 addresses.