Billionaire Musk Says ‘Hold Up’ On Investing All-In On Dogecoin

Despite being a high-profile and consistent supporter of the popular meme cryptocurrency Dogecoin (CRYPTO: DOGE), Tesla CEO Elon Musk made it clear he is not recommending people plunge headlong into it or any other form of digital currency.

Musk expressed caution about cryptocurrency investments during his digital appearance at The Wall Street Journal’s CEO Council Summit in London.

“I am not promoting the idea of purchasing digital currencies or betting one’s financial future on Dogecoin,” he said.

Musk made headlines several times for his love of Dogecoin, including making it a point of discussion on Saturday Night Live, securing some for his offspring and even suggesting a partnership with its creators to boost its potential for more widespread use.

After recently acquiring Twitter, he temporarily morphed the Twitter emblem into a Dogecoin symbol.

---

“The Best Report Benzinga Has Ever Produced”

Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!

Advertorial

Related articles

Doge2014 Celebrates 10 Years of Dogecoin and the Meme Coin Craze – Up to 50% Presale Bonus for Early Birds

30 July 2024

Dogecoin Proponent Elon Musk Reveals Why He Doesn’t Really Like Crypto

30 July 2024

---

 

During the summit, he also delved into his particular fondness for Dogecoin.

He declared, “I hold Dogecoin in high regard as my top choice of cryptocurrency, mainly because it is fun, and dogs are involved.”

ADVERTISEMENT

Also Read: Japan Cracks Crypto Whip, Implements Strict Travel Rule To Combat Money Laundering

Changpeng “CZ” Zhao, the head of Binance (CRYPTO: BNB), was surprised last week that Dogecoin was still in play, hinting that Musk’s influence might have aided in extending the digital currency’s lifespan.

Musk’s prudent approach might stem from his considerable impact on financial markets.

He faced repercussions in 2018 when a jest about Tesla’s stock price relating to marijuana inadvertently boosted its value by 6%, resulting in a $20 million fine imposed by the U.S. Securities and Exchange Commission.

Introduced in late 2013, Dogecoin is often credited as the original joke cryptocurrency, serving as a lighthearted amusement and speculation tool.

With Dogecoin’s popularity on the rise — it now has a market value of over $10 billion and each coin is valued at around seven cents — Musk’s active participation in the Dogecoin phenomenon has not gone unnoticed, with him being styled as the “Dogefather.”

Any Musk update related to his pet or Dogecoin tended to surge the crypto’s market cap.

Read Next: The Phoenix Of Crypto: FTX Eyes Potential Relaunch In 2024 As New CEO Works Towards Revival