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- 1 The Tesla CEO says it would be unwise to invest in crypto.
- 2 Elon Musk’s favorite coin is Dogecoin because it has humor and dogs.
Elon Musk, In late 2021 what was known as the Crypto Winter the major cryptocurrencies such as Bitcoin and Ethereum fell indecisively. The broader crypto markets crashed causing a wipeout of almost $2 trillion dollars out of their combined value of $3 trillion dollars.
Elon Musk Advises Not to Buy Crypto
Although after Bitcoin’s crash to $16,000 during the FTX meltdown last year, Bitcoin has recovered in early 2023. Bitcoin prices have recovered almost 60% from its bottom last year turning investor sentiments on Bitcoin bullish.
Elon Musk, the founder of Tesla and SpaceX gaslighted the crypto market with his tweets in 2021 leading to a bull market in the crypto space. He recently said that he will not advise people to invest in cryptos right now despite a few big names on wall street creating blockchains.
During a virtual appearance at Wall Street Journal’s CEO Council Summit in London, Musk said that he wouldn’t advise anybody to buy crypto or bet on Dogecoin. He said that you can invest but that would be unwise.
Musk also said that dogecoin, a bitcoin-like cryptocurrency that was created as a part of a joke is still his favorite coin because it has dogs in it.
Musk gaslighted Dogecoin in April, again, when he promised before buying Twitter that he will be changing Twitter’s logo to the Shiba Inu dog breed which gave a 20% jump to Dogecoin.
The crash in Dogecoin was worse than Bitcoin and Ethereum. While BTC and ETH crashed only by around 60%, Dogecoin is down 90% from its peak. Dogecoin hit its ATH in 2021 before Musk’s appearance on the U.S. comedy show Saturday Night Live.
What is a Dogecoin?
Dogecoin is an open-source cryptocurrency and is a meme coin. It was launched in December 2013, with the Shiba Inu dog as its logo. The technology underlying Dogecoin is mostly derived from Litecoin. Dogecoin has an unlimited supply and uses a script algorithm.
Dogecoin was started as a joke and was considered a joke until it gained a lot of following. By 2017, Dogecoin was involved in the cryptocurrency bubble that increased coin values extraordinarily.
Dogecoin still has a huge following and many of its supporters trade it and use it for content on Twitter and Reddit.
Dogecoin is available on almost all major crypto exchanges. Users can buy it and store it in the exchange or in their Dogecoin wallets.
Who is Elon Musk?
Elon Musk was born on June 28, 1971, in Pretoria, South Africa. He is an American entrepreneur and is one of the wealthiest men on the planet. He cofounded Paypal which he later sold to start Tesla and SpaceX. Musk acquired Twitter in 2022.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
