The CEO of Spacex and Tesla, Elon Musk, sees dogecoin as his “private stimulus for people”, which represents “legitimate hope for people” affected by the coronavirus pandemic. Although the price of dogecoin has gone up along with several other cryptocurrencies, Musk cautioned, “The cryptocurrency is promising, but invest with caution.”
Elon Musk sees Dogecoin as his stimulus for the people
Elon Musk has been tweeting about dogecoin and cryptocurrency investments that led him to present Saturday Night Life (SNL) on May 8 with Miley Cyrus as a musical guest.
Responding to a tweet on Friday suggesting that “Dogecoin was, in a way, Elon’s particular encouragement to people,” Musk said, “This is how I feel about it.” The tweet includes the image of a poster that says: “Dogecoin represents a legitimate hope for people kicked by the pandemic. Change my mind ”.
That is how I feel about it
– Elon Musk (@elonmusk) May 7, 2021
The price of Dogecoin is currently $ 0.67300 at the moment; its market capitalization is $ 92.88 billion. The price of meme currency has increased by more than 98% this month and almost 7,000% since the beginning of the year.
While investors invested in dogecoin before Musk’s SNL, Tesla’s Technoking tweeted on Thursday night:
The cryptocurrency is promising, but invest with caution.
His tweet included a video posted by TMZ in February, of him talking to reporters about dogecoin and investing in cryptocurrency. In the video, Musk was asked whether dogecoin “could really be the next currency for the world”. He replied: “I think it must be the will of the people”.
He was then reminded of some problems with dogecoin that do not exist with bitcoin, such as its unlimited supply. Musk went on to warn investors. “First of all, I think people shouldn’t be investing their savings in cryptocurrencies”, he warned. In declaring that people can invest in cryptocurrencies if they want to speculate and have the resources to do so, Tesla’s CEO reiterated:
Don’t take too much risk with cryptocurrency.
Source: Bitcoin News