Elon Musk has reaffirmed his commitment to bitcoin (DOGE). The cryptocurrency will continue to be bought and supported by him. During a cryptocurrency market downturn, dogecoin rose.

Elon Musk has reaffirmed his commitment to DOGE, Tesla and Spacex CEO. It is confirmed that he will continue to buy and support the meme cryptocurrency. In the aftermath of his statement, bitcoins rose.

The Tesla boss mentioned DOGE on Twitter in response to a tweet by Dogecoin co-creator Billy Markus that stated his desire for people to use DOGE “for something beyond pumping and dump”

Musk tweeted that Dogecoin is used to purchase merchandise at his companies, Tesla and Spacex, hinting that more could be offered “down the road.”

It became a reality in January when Tesla began accepting bitcoins for some merchandise. The CEO of Spacex said SpaceX will soon accept DOGE merchandise, and Starlink subscriptions may follow suit. Musk has long been a firm supporter of bitcoin. Crypto-community refers to him as “The Dogefather”. He believes DOGE is the people’s currency and has potential as a currency.

Musk, Tesla, and Spacex were sued by dogecoin investors for promoting the meme cryptocurrency. In this $258 billion class-action lawsuit, Musk and his company “falsely and deceptively claim that dogecoin is a legitimate investment when it has no value at all.”