Tesla CEO Elon Musk has always admired Dogecoin (DOGE), and the price of Dogecoin will soar every time he sells it. However, he does not recommend that anyone invest their life savings in it.
Musk said at the Wall Street Journal CEO Council Summit on Tuesday:
I do not recommend anyone to buy cryptocurrencies or bet their entire fortune on Dogecoin.
Having said that, Musk said that Dogecoin is still his "favorite" because it is "related to dogs" and has a "complete sense of humor."
Elon Musk just gave his current views on crypto on an interview with WSJ
“Dogecoin is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo
— Sir Doge of the Coin (@dogeofficialceo) May 23, 2023
However, the price of Dogecoin was not greatly affected, falling 1.1% to $0.07263 at press time, but compared with the historical peak of breaking $0.73 in 2021, it has fallen by more than 90%.
Although Musk often expresses his love for Dogecoin on Twitter, attracting a large number of retail investors to flock to it, he denied last year that he had ever advocated people to invest in cryptocurrency, and once fans said: "Cryptocurrency is very promising, but please invest with caution", " I don’t think people should invest their life savings in cryptocurrencies, to put it bluntly, I don’t think it’s wise.”
However, Musk eventually got involved in a lawsuit. A group of Dogecoin investors filed a class action lawsuit, accusing him of deliberately driving up the price of Dogecoin and then allowing the price of the currency to collapse and "cut leeks." Therefore, he demanded compensation of US$258 billion. In response, Musk submitted documents to the court in April this year, requesting the dismissal of this sky-high price claim, and claimed that Dogecoin investors’ request for compensation was simply a “fantasy.”
This article does not recommend buying cryptocurrencies! Musk: Don’t own everything ALL IN Dogecoin first appeared on Blockchain.
