Elon Musk urges not to invest in cryptocurrencies

In this, the entrepreneur confirmed that DOGE is still his favorite

24.05.2023 - 07:15

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3 min

What’s new? Tesla and Twitter CEO Elon Musk said at The Wall Street Journal summit that he does not advise anyone to buy cryptocurrencies or “bet the farm on” the meme token Dogecoin (DOGE). That said, the billionaire confirmed that DOGE is still his favorite because the coin has “the best humor” and “it has dogs.” As of May 24, 06:35 UTC, DOGE is trading at $0,07127, down by 2,82% in 24 hours, according to Binance.

The WSJ’s material

What is known about DOGE? The meme cryptocurrency was created in 2013 by Billy Markus and Jackson Palmer. In September 2022, it became the second most capitalized cryptocurrency on the PoW algorithm, as of May 24, it ranks ninth in the overall ranking of cryptocurrencies with a capitalization of $ 9,93 billion.

Musk and DOGE? This is not the first time the businessman has made such a statement. For example, in June 2022, he stated that he “never said that people should invest in crypto.” At the time, the entrepreneur noted that the bitcoins he and his companies bought represented a small percentage of their total cash assets.

JUST IN: "I have never said that people should invest in crypto. In the case of Tesla, SpaceX, myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets," says Elon Musk https://t.co/BLcp2WIvub #QatarEconomicForum #منتدى_قطر_الاقتصادي pic.twitter.com/R1ZfRGxWBR — Bloomberg Live (@BloombergLive) June 21, 2022

The statement came in the wake of a $258 billion lawsuit against Musk alleging that he dumped Dogecoin by 36 000% and made “tens of billions of dollars” in profits at the expense of other investors. According to the plaintiffs, Musk knew the currency lacked intrinsic value and its value “depended solely on marketing.”

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Earlier this year, Musk said he would eat Happy Meal live on television if McDonald’s started accepting payments in Dogecoin. Lawyer John Deaton then warned that the US Securities and Exchange Commission (SEC) might classify DOGE as a security.

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