Benzinga | Dec 14, 2021 09:27AM EST

Elon Musk Denies Accusations That His Tweets Affect The Price Of Crypto

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk recently went on record to state that he doesn't believe his tweets have an impact on the value of stocks and cryptocurrency.

What Happened: In a recent interview with TIME magazine, Musk denied his role in influencing markets in any way.

"Markets move themselves all the time based on nothing as far as I can tell. So the statements that I make, are they materially different from random movements of the stock that might happen anyway? I don't think so," he said.

The Tesla CEO also claims that his tweets have nothing to do with optimizing his personal brand.

"I'm not really trying to do brand optimization. So sometimes, I obviously shoot myself in the foot. As is obvious from my tweets, they're humor that I find funny, but not many other people find funny," he said.

Despite being a known advocate of cryptocurrency -- particularly Dogecoin (CRYPTO: DOGE) -- Musk isn't a believer in the notion that fiat currency will be replaced entirely by crypto.

"I'm not a huge hater of fiat currency like many in the crypto?world are. But there are advantages with crypto relative to fiat in that fiat currency tends to get diluted by whatever government it is," said Musk.

Price Action: As of Tuesday morning, the market-leading cryptocurrency Bitcoin (CRYPTO: BTC) was trading at $47,300, down 2.48% in the last 24 hours.

Dogecoin was trading at $0.21, up 27% over the same period.

Photo by Heisenberg Media on Flickr