Bitcoin News and Finance
Elon Musk Sees Dogecoin as ‘Stimulus for People Kicked by Pandemic’ but Says ‘Please Invest With Caution’ Skip to main content

Elon Musk Sees Dogecoin as ‘Stimulus for People Kicked by Pandemic’ but Says ‘Please Invest With Caution’

Elon Musk Sees Dogecoin as His 'Stimulus for People Kicked by Pandemic' but Cautions About Crypto Investing

Spacex and Tesla CEO Elon Musk sees dogecoin as his “private stimulus for the people” that represents “legit hope for people” hit by the coronavirus pandemic. While the price of dogecoin has been pumping alongside a number of other cryptocurrencies, Musk cautioned, “Cryptocurrency is promising, but please invest with caution.”

Elon Musk Sees Dogecoin as His Stimulus for the People

Elon Musk has been tweeting about dogecoin and cryptocurrency investing leading up to him hosting Saturday Night Life (SNL) on May 8 with Miley Cyrus as the musical guest.

Responding to a tweet on Friday suggesting that “Dogecoin was in a way Elon’s private stimulus for the people,” Musk said, “That’s how I feel about it.” The tweet includes an image of a sign that says, “Dogecoin represents legit hope for people kicked by pandemic. Change my mind.”

Elon Musk Sees Dogecoin as 'Stimulus for People Kicked by Pandemic' but Says 'Please Invest With Caution'

Dogecoin’s price is currently $0.7172 at the time of writing; its market cap is $92.88 billion. The meme coin’s price has increased more than 98% this month and almost 7,000% since the beginning of the year.

As investors pile into dogecoin ahead of Musk’s SNL, the Tesla technoking tweeted Thursday night:

Cryptocurrency is promising, but please invest with caution.

His tweet included a video posted by TMZ back in February of him talking to reporters about dogecoin and cryptocurrency investing. In the video, Musk was asked whether dogecoin “can really be the next currency for the world.” He replied, “I think it should 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 proceeded to caution investors. “First of all, I think people should not invest their life savings in cryptocurrency,” he warned. While stating that people could invest in cryptocurrencies if they want to speculate and have the resources to do so, the Tesla CEO reiterated:

Don’t take too much risk on crypto.

What do you think about Elon Musk’s comments on cryptocurrency investing and dogecoin? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory