Elon Musk warns investors about Dogecoin

Tesla CEO Elon Musk seems to be trying to relieve his enthusiasm for Dogecoin (DOGE), born as an internet joke, hours before he appears on the TV show Saturday Night Live.

The positive atmosphere that has been going on for months was hit by Musk’s statement on Thursday in an interview with TMZ that cryptocurrencies are speculative. Asked if Dogecoin is less valuable due to its inflation-boosting supply, Musk said this was the case, he added:

“To be clear, I don’t think people should invest all their savings in cryptocurrency. This is not wise. ”

There is a chance for cryptocurrencies to become the main currency used around the world, Musk said, but which one can only be predicted.

“What will be the chances of crypto becoming the future currency of the world? Maybe there will be more than one. For now it should only be considered speculation. “

Dogecoin has gained more than 14,000 percent since the beginning of 2021, with the help of Musk’s social media posts. DOGE, which reached $ 0.69 during the week, lost a quarter of its value right after. The coin rose 23 percent on Friday morning, despite Musk’s warnings. Dogecoin is trading at $ 0.62 as of the time of translation release.

On the other hand, Musk made a statement about Dogecoin as follows:

“Destiny likes irony. What would be the most ironic result? The transformation of a currency that has appeared as a joke into a real currency. “

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