The Team GB cyclist became the most successful British Olympian of all time in terms of gold medals, and the joint most-decorated along with Bradley Wiggins, after winning two more golds at the Games this summer.
Speaking to Digital Spy at an event for the Gillette Great Starts Grant, which sponsors a significant number of sports coaching qualifications, Hoy said that while he is only able to "go to the odd party", he has nothing against other athletes who want to "have a bit of fun".
"I think it's just down to your own personal taste," he said. "Some people really enjoy the celebrity status that comes with sporting success - I do as well.
"I wouldn't have any negative things to say to anybody who was looking to have a bit of fun and enjoy themselves, because you work so hard."
Asked whether that means he would be tempted to follow Team GB colleague Victoria Pendleton into Strictly Come Dancing, Hoy replied: "I've been asked a few times to go on it and I think if you've ever seen me dancing you'll know why I've not taken up that offer."
He continued: "I think Vicky is certainly attracted by that kind of programme and she'll relish that opportunity. She'll work hard, I know that, and I'm sure she'll do very well. "
Hoy also went into further detail about what attracted him to the Great Starts campaign, saying that he supports efforts to get more people into coaching, as they are "the people that make the results happen".
He added: "I've been so lucky to have some amazing people over the years supporting me and coaching me and helping me... coaches don't get the recognition they deserve."
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