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Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues, and Near-Term Recession

Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues, and Near-Term RecessionTesla and Spacex CEO Elon Musk has shared his views on a variety of topics, including crypto investing, why he supports the meme cryptocurrency dogecoin, “unresolved matters” in his Twitter takeover bid, and the likelihood of a near-term U.S. recession. Elon Musk on Crypto Investing Tesla CEO Elon Musk shared his thoughts on a wide […]

Elon Musk Discusses Crypto Investing, Dogecoin Support, ‘Unresolved’ Twitter Issues, and Near-Term Recession

Tesla and Spacex CEO Elon Musk has shared his views on a variety of topics, including crypto investing, why he supports the meme cryptocurrency dogecoin, “unresolved matters” in his Twitter takeover bid, and the likelihood of a near-term U.S. recession.

Elon Musk on Crypto Investing

Tesla CEO Elon Musk shared his thoughts on a wide range of topics in an interview with Bloomberg News’ John Micklethwait at the Qatar Economic Forum Tuesday.

Crypto investing was among the topics discussed. Musk was asked whether he thinks people should still invest in cryptocurrency given the market downtown. The Tesla CEO clarified that he has never recommended that people buy cryptocurrency, stating:

I have never said that people should invest in crypto. In the case of Tesla, Spacex, myself, we all did buy some bitcoin, but it’s a small percentage of our total cash assets.

The Spacex chief previously revealed that he also owns ether (ETH) and dogecoin (DOGE) while Tesla and Spacex only own bitcoin (BTC).

Musk Responds to People Encouraging Him to Buy and Support Dogecoin

Musk proceeded to reveal why he supports the meme cryptocurrency dogecoin. Firstly, he mentioned that Tesla accepts dogecoin for some merchandise and Spacex will do the same.

He then reiterated his intention to keep supporting DOGE, stating:

I just know a lot of people who are not that wealthy who, you know, have encouraged me to buy and support dogecoin. I’m responding to those people.

Recently, a lawsuit was filed against Musk, Tesla, and Spacex over their promotion of dogecoin. The lead plaintiff was a dogecoin investor who lost money trading the meme coin. He alleges that Musk and his companies “are engaged in a crypto pyramid scheme (aka Ponzi scheme) by way of dogecoin cryptocurrency.”

Twitter Deal Stalled: There Are ‘Unresolved Matters’

Musk also discussed some issues standing in the way of his $44 billion bid to buy Twitter Inc. He admitted that there are still a few “unresolved matters” before the deal can be completed.

The Tesla CEO elaborated that besides waiting for a resolution to the issue of how many spam bots are on the mega social media platform:

There is the question of will the debt portion of the round come together and then will the shareholders vote in favor.

He emphasized that he would focus on “driving the product” at Twitter but does not necessarily plan to become the CEO of the social media company. “One way or another, one needs to take the steps that entice most people to use Twitter,” Musk said, adding:

Ideally, I’d like to get like 80% of North America and perhaps … half the world or something ultimately on Twitter in one form or another.

Twitter claims that bots make up less than 5% of total users. Musk argued that is “not most people’s experience” on the service.

Near-Term Recession ‘More Likely Than Not’

The Spacex CEO was asked whether he thinks the U.S. economy will slide into a recession. He replied:

A recession is inevitable at some point. As to whether there is a recession in the near term, that is more likely than not.

Musk recently shared his view on a recession a few times. In early May, he said the U.S. economy is probably in a recession that could last 12 to 18 months. In the same month, he said if we are not already in a recession then we are approaching one. However, he noted that it is “actually a good thing.”

What do you think about Elon Musk’s comments? Let us know in the comments section below.

Source: Featured – Bitcoin News

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South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon

South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do KwonSouth Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins. Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin […]

South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon

South Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins.

Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin

South Korean authorities have reportedly asked cryptocurrency exchanges Kucoin and Okx to freeze 3,313 bitcoins allegedly tied to Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon. The coins were transferred to the trading platforms soon after a warrant was issued for Kwon’s arrest in South Korea.

On Tuesday, an official at the Seoul Southern District Prosecutors’ Office confirmed to Bloomberg that requests have been sent to the two cryptocurrency exchanges to freeze the 3,313 BTC.

The coins were transferred to the trading platforms from a wallet allegedly linked to Luna Foundation Guard (LFG) that was created on Sept. 15, according to crypto researcher Cryptoquant. The researcher told the publication:

Cryptoquant specified new bitcoin addresses owned by LFG based on transaction patterns, adjacent flows and material non-public information.

However, Luna Foundation Guard denied the allegation Tuesday evening. The group tweeted its treasury’s bitcoin address, adding: “LFG hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022.”

Do Kwon Says: ‘I’m Making Zero Effort to Hide’

The luna founder’s whereabouts are currently unknown. He was believed to be in Singapore but the Singapore police force said earlier this month that he is currently not in the city-state. Kwon has maintained that he is not “on the run,” tweeting Monday:

I’m making zero effort to hide. I go on walks and malls.

A South Korean court issued an arrest warrant for Kwon on Sept. 14. He is accused of fraud after the collapse of the cryptocurrency luna (now called luna classic (LUNC)) and stablecoin terrausd (UST). In addition, the country’s ministry of foreign affairs is reportedly planning to revoke his passport.

Moreover, Interpol has issued a Red Notice for the Terraform Labs co-founder. “A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” Interpol’s website details, adding that “Red Notices are issued for fugitives wanted either for prosecution or to serve a sentence.”

Do you think Do Kwon transferred 3,313 bitcoins after his arrest warrant was issued? And, do you think Korean authorities should be able to freeze crypto at exchanges? Let us know in the comments section below.

Source: Featured Archives – Bitcoin News

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