‘Will keep supporting Dogecoin’: Elon Musk after accusations of running pyramid scheme

Tesla and SpaceX CEO Elon Musk has said that he will continue to support Dogecoin days after reports of him being sued for $258 billion by a Dogecoin investor came to light.  Musk wrote, “I will keep supporting Dogecoin.”  

The tweet has over 31,000 retweets and 327,000 likes at the time of writing this story. While replying to a user, Musk also said that he will continue to buy Dogecoin. 

Dogecoin creator Shibetoshi Nakamoto said if Dogecoin is a pyramid scheme so is the entire crypto market, stock market, commodities market and the monetary system itself. He further went on to say that we should sue Alexander Hamilton, the founder and chief architect of the American financial system. 

Nakamoto wrote, “If Dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, commodities market, and monetary system itself. Let’s sue Alexander Hamilton.” 

He added, “Cryptocurrency has an incredible amount of stupid stuff around it, but that’s all just related to how incredibly stupid people are. Cryptocurrency itself is just a protocol and a shared database.” 

These tweets come days after Tesla, SpaceX, and their CEO Elon Musk was accused of running a pyramid scheme to support Dogecoin by an investor named Keith Johnson.  

The complaint as accessed by news agency Reuters said, “Musk used his pedestal as World’s Richest Man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.” It also collated comments from Warren Buffett, Bill Gates, and others who questioned cryptocurrency as an asset. 

After Musk tweeted on dogecoin, the meme-based cryptocurrency rose around 10 per cent.