Why is Dogecoin Elon Musk's favorite cryptocurrency?

In July 2021, Tesla CEO Elon Musk publicly confirmed during a conference that he owns several cryptocurrencies, such as Bitcoin, Ethereum and Dogecoin, but he has consistently favored the latter in interviews and social media messages. The 50-year-old entrepreneur explained the main reason why he supports Dogecoin after collaborating with its developers in the past. "Many people I spoke to on Tesla production lines or with those building SpaceX rockets told me they owned Doge," Musk told the Telegraph.

"They are not Silicon Valley financial experts or technologists. "That's why I decided to support Doge - it looked like a human cryptocurrency."

In May 2021, Musk did not hesitate to joke that Dogecoin could actually become a reserve currency in the future.