Elon Musk Urges “Not To Bet On Crypto And Dogecoin”

During a Wall Street Journal virtual conference, Tesla and Twitter CEO Elon Musk warned against buying cryptocurrencies or aggressively investing in Dogecoin.

“I’m not advising anyone to buy crypto or bet the farm on Dogecoin,” said Tesla and Twitter CEO Elon Musk.

While Musk acknowledged his affection for Dogecoin as a meme coin with a hilarious appeal and its canine theme, he stressed that he does not advocate spending one’s life savings on cryptocurrencies.

“Dogecoin is my favorite cryptocurrency because it has the best humor and has dogs.”

Elon Musk, speaking at the Wall Street Journal’s CEO Council Summit in London, advised investors to avoid putting all of their money into cryptocurrencies or Dogecoin. This advice contradicts his earlier attitude on cryptocurrencies and Dogecoin.

Elon Musk has hinted at the idea of integrating Dogecoin as a payment option on Twitter, and has even suggested that DOGE be accepted as payment for the subscription service Twitter Blue. Dogecoin, which began as a joke, has already garnered tremendous support, with a market valuation of $10 billion, placing it among the top ten cryptocurrencies.

Musk has temporarily changed the iconic Twitter logo to the Dogecoin emblem to show his support for the meme-based cryptocurrency. This tremendous support, however, has resulted in legal challenges, including a $258 billion racketeering lawsuit alleging Musk’s involvement in a pyramid scheme. In April, Musk filed a motion to dismiss the complaint.

Furthermore, Musk recently named Linda Yaccarino as the next CEO of Twitter. Yaccarino is thought to be a fan of Dogecoin and the Shiba Inu cryptocurrency.