Tesla, Inc. CEO Elon Musk (Tesla & SpaceX CEO) stated he isn’t encouraging anyone to go heavily in on cryptocurrency, even Dogecoin (DOGE) — regardless of his rampant love for the token.
“I’m not advising anyone to buy cryptocurrency or bet the farm on Dogecoin,” stated Musk, speaking virtually at The Wall Street Journal’s CEO Council Summit in London, according to the WSJ.
Musk has had a long relationship with Dogecoin (DOGE), having promoted it on Saturday Night Live, purchased it for his son and even offered to work with its developers to make it more suitable for wider adoption. He even followed through with his commitment to temporarily turn the Twitter logo into a Dogecoin (DOGE) image after buying the company.
In the conference, he also explained why he was such a fan. ” Dogecoin (DOGE) is my favorite digital currency because it has the best humor and has dogs,” he added.
Past week, Binance Crypto exchange CEO Changpeng Zhao expressed surprise that Dogecoin (DOGE) had not is still faded away and stated Musk can potentially have played a role in extending the memecoin’s lifespan.
Musk’s cautious advice could be in light of his particular influence on the market. In 2018, he paid a $20 Million penalty to the United States Securities and Exchange Commission for making a weed joke about Tesla’s stock price and inadvertently pumping it by 6%.