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Spacex and Tesla CEO Elon Musk sees dogecoin as his “private stimulus for the people†that represents “legit hope for people†hit by the coronavirus pandemic. While the price of dogecoin has been pumping alongside a number of other cryptocurrencies, Musk cautioned, “Cryptocurrency is promising, but please invest with caution.â€

Elon Musk Sees Dogecoin as His Stimulus for the People

Elon Musk has been tweeting about dogecoin and cryptocurrency investing leading up to him hosting Saturday Night Live (SNL) on May 8 with Miley Cyrus as the musical guest.

Responding to a tweet on Friday suggesting that “Dogecoin was in a way Elon’s private stimulus for the people,†Musk said, “That’s how I feel about it.†The tweet includes an image of a sign that says, “Dogecoin represents legit hope for people kicked by pandemic. Change my mind.â€

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Dogecoin’s price is currently $0.7172 at the time of writing; its market cap is $92.88 billion. The meme coin’s price has increased more than 98% this month and almost 7,000% since the beginning of the year.

As investors pile into dogecoin ahead of Musk’s SNL, the Tesla technoking tweeted Thursday night:

His tweet included a video posted by TMZ back in February of him talking to reporters about dogecoin and cryptocurrency investing. In the video, Musk was asked whether dogecoin “can really be the next currency for the world.†He replied, “I think it should be the will of the people.â€

He was then reminded of some problems with dogecoin that do not exist with bitcoin, such as its unlimited supply. Musk proceeded to caution investors. “First of all, I think people should not invest their life savings in cryptocurrency,†he warned. While stating that people could invest in cryptocurrencies if they want to speculate and have the resources to do so, the Tesla CEO reiterated:

What do you think about Elon Musk’s comments on cryptocurrency investing and dogecoin? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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