- Musk comments on the surge in deepfake scams.
- Deepfake videos using Musk’s likeness are scamming investors.
- Musk has been investing in Dogecoin for years.
As one of the most influential figures involved in cryptocurrencies, investors often jump on anything Elon Musk says. The problem is that sometimes what they see isn’t really Musk.
In a recent interview, Musk addressed the growing problem of deepfake scams using his image to promote various cryptocurrency projects. The comments come after Musk has been promoting his favorite cryptocurrency, Dogecoin, for years.
Musk Comments on AI Deepfakes of Himself
AI deepfakes are becoming a bigger problem, with many using Musk’s image to scam investors. The problem has become so rampant that Musk had to address it on the Tesla Owners Silicon Valley X Takeover podcast on Monday, July 29.
Musk, known for his influential tweets that have had a significant impact on the cryptocurrency market, has made it clear that he will not be promoting cryptocurrencies seriously. “If you see me spreading cryptocurrencies, that’s not me,” he explained. He believes that “there is some merit to Bitcoin and other cryptocurrencies,” and has admitted to supporting Dogecoin. “I’m weak to Dogecoin because I like dogs and memes.
Musk’s statement comes amid growing concerns about deepfake videos that scam investors, including one using Musk’s own image. These videos are circulating on social media and use images of influential people to promote the scam.
Musk has never actively promoted a cryptocurrency project, but some fans might assume he would, given his fondness for Dogecoin.
Musk is familiar with cryptocurrencies, especially Dogecoin.
Elon Musk’s relationship with Dogecoin began in April 2019 when he tweeted, “Dogecoin might be my favorite cryptocurrency ever. It’s pretty cool.” This initial support led to the price of Dogecoin doubling from $0.002 to $0.004 in a matter of days.
Musk’s frequent tweets about Dogecoin continued to pump the coin over the next few years, peaking when Musk promised that his company SpaceX would literally put Dogecoin on the moon. This tweet, along with an upcoming appearance on “Saturday Night Live,” pushed Dogecoin to an all-time high of $0.74 by May 2021.
But after he appeared on SNL, where he jokingly called Dogecoin a “hustle,” the price plummeted. Dogecoin is currently trading at $0.1294.
On the other side
- Musk isn’t the only person to have been used in AI deepfakes. Other notable figures include Microsoft founder Bill Gates and investors Warren Buffett and Charlie Munger.
- Musk highlighted the Community Notes feature on Twitter, which helps add context to posts or highlight fake news. It also comes into play when AI deepfakes emerge.
Why this matters
Musk’s comments about AI deepfakes could help protect at least some fans from fraud. The sophistication of the technology means investors need to be extremely careful about trusting what they see online.
Learn more about Elon Musk’s involvement in cryptocurrencies:
Elon Musk’s Crypto History: The Good, The Bad, and Putting Dogecoin on the Moon
Learn more about how to choose the best token.
How to Find Promising Altcoins? Nansen and Bitget Share Insights