The world renowned personality, Elon Musk, clarified his stance on crypto investments, including dogecoin, stating he doesn’t endorse excessive involvement. During The Wall Street Journal’s CEO Council Summit, he emphasized not advising anyone to invest heavily in crypto or bet everything on dogecoin.
Elon Musk has been involved with dogecoin for a while, supporting it through various actions like promoting it on SNL, purchasing it for his son, and expressing willingness to collaborate with its developers. He even temporarily changed the Twitter logo to a Dogecoin image as an April Fools Prank.
Elon Musk expressed his fondness for dogecoin during the conference, attributing it to the cryptocurrency’s humor and dog-related characteristics. Binance CEO Changpeng Zhao suggested that Musk’s involvement potentially played a role in sustaining the popularity and longevity of dogecoin.
Due to his market influence, Musk’s cautious advice may reflect his past experience with inadvertently inflating Tesla’s stock price by 6% through a weed joke, resulting in him paying a $20 million penalty to the U.S. Securities and Exchange Commission in 2018.
Elon Musk’s clarified stance on crypto investments and his active involvement with dogecoin demonstrate his engagement and interest in the cryptocurrency market. While his caution reflects a responsible approach, his influence and support have undoubtedly contributed to the popularity and sustainability of dogecoin in the crypto space.