Tech billionaire Elon Musk said he regrets attempting to “cut through” government bureaucracy and will no longer support or promote Dogecoin — signaling a major shift in his public stance on crypto activism.
Musk admitted that his effort to reshape government through decentralized finance and blockchain-backed currency did not succeed as he had hoped. In a recent message, he said the results were underwhelming and that the experiment did not achieve meaningful reform.
The decision marks a reversal from earlier when Musk frequently endorsed Dogecoin as a fun, community-driven currency and hinted it could challenge traditional financial systems. Several prominent followers and investors in Dogecoin reacted with surprise, and some analysts say his retreat could undercut confidence in the coin’s future value.
While Musk emphasized he remains interested in technological innovation and digital assets broadly, he said he will no longer use his influence to champion Dogecoin — a move many see as symbolic given his outsized reach in markets and media.