Elon Musk explains why he supports the Dogecoin cryptocurrency token

Tesla and SpaceX founder Elon Musk has explained why he supports DOGE despite its 90% drop from historical highs. Musk explained the reasons for his «commitment» to Dogecoin in a recent interview with Bloomberg News.

«I intend to personally support Dogecoin because I know many low-income people who have purchased this cryptocurrency and asked me to buy and support it. I feel responsible to these people, some of whom even work at SpaceX and Tesla factories. They asked me to support Dogecoin, and that’s what I’m doing,» Elon Musk said.

As a reminder, Elon Musk recently stated that he has never encouraged people to invest in cryptocurrencies. However, he confirmed that he has invested some money in bitcoin, as have his companies Tesla and SpaceX, which have purchased «some bitcoin.»