'Just kidding' Musk also bought Dogecoin

Revealed Buying Dogecoin for Son
Not Just Supporting Bitcoin and Dogecoin, Actively Purchasing Them

[Asia Economy New York=Correspondent Baek Jong-min] Elon Musk, CEO of Tesla, has now revealed that he personally purchased the virtual asset Dogecoin. Following Bitcoin, the virtual assets he has touched have surged sharply day by day.

Elon Musk Twitter Capture

On the 10th (local time), Musk tweeted, "I bought Dogecoin for little X." X is presumed to be Musk's 9-month-old son.

Musk has continuously posted tweets supporting Dogecoin. He posted memes on Twitter showing himself lifting the Dogecoin mascot, the Shiba Inu dog, or parodied the fashion magazine Vogue with a 'Dogue' meme.

He also tweeted, "Dogecoin is the cryptocurrency for the common people," and "Not too high, not too low, only Doge."

Earlier, Musk said in a Clubhouse discussion, "I joke about Dogecoin, but that is a real joke," but this statement turned out to be incorrect.

Under Musk's influence, Dogecoin has soared tenfold this year. It surged about 16% again on this day.

Dogecoin was created in 2013 as a joke by software developers Billy Markus and Jackson Palmer. They adopted the Japanese Shiba Inu dog, popular on the internet, as the mascot and named the currency 'Dogecoin' after the Shiba Inu meme called 'Doge.'

Musk has repeatedly expressed support for Bitcoin, and it was revealed through disclosures that Tesla purchased Bitcoin worth approximately 1.7 trillion won.

Concerns are growing as virtual assets soar excessively with Musk's support. Regarding Dogecoin's surge, developer Markus expressed concern, saying, "This is nonsense. It's absurd."

General Motors (GM), which declared its transformation into an electric vehicle company, drew a line by stating it has no plans to invest in Bitcoin but expressed a view to observe whether to recognize it as a payment method.

GM CEO Mary Barra said after the earnings announcement, "We have no plans to buy Bitcoin, but we will check if there is customer demand to pay for vehicle-related costs with Bitcoin."

CNBC explained that unlike Tesla, which sells vehicles directly to consumers, GM sells through dealers, so discussions with dealers are necessary for Bitcoin payments.