Spacex and Tesla CEO Elon Musk sees dogecoin as his â€œprivate stimulus for the peopleâ€ that represents â€œlegit hope for peopleâ€ hit by the coronavirus pandemic. While the price of dogecoin has been pumping alongside a number of other cryptocurrencies, Musk cautioned, â€œCryptocurrency is promising, but please invest with caution.â€
Elon Musk Sees Dogecoin as His Stimulus for the People
Responding to a tweet on Friday suggesting that â€œDogecoin was in a way Elonâ€™s private stimulus for the people,â€ Musk said, â€œThatâ€™s how I feel about it.â€ The tweet includes an image of a sign that says, â€œDogecoin represents legit hope for people kicked by pandemic. Change my mind.â€
Dogecoinâ€™s price is currently $0.7172 at the time of writing; its market cap is $92.88 billion. The meme coinâ€™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 Muskâ€™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 â€œcan really be the next currency for the world.â€ He replied, â€œI 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. â€œFirst of all, I think people should not invest their life savings in cryptocurrency,â€ 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 Muskâ€™s comments on cryptocurrency investing and dogecoin? Let us know in the comments section below.
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